Bank of America falls as hike in return target draws mixed reactions

Shares of Bank of America BAC.N fall 2.4% to $52.26

BofA unveiled medium-term targets of 16% to 18% return on tangible common equity (ROTCE) in the medium term, compared with its earlier forecast of mid-teens return, aiming to narrow the gap with rivals

Analysts at Barclays said the ROTCE target could have been better by 100 basis points, noting that other targets were in line or better than expected

However, some analysts questioned the timelines laid out by the U.S. lender

"We expect BAC will need to earn some credibility on the path and timing towards its target," analysts at brokerage Evercore said in a note

BAC shares up 19% YTD, compared to a 15.1% rise in the benchmark S&P 500 .SPX index