Baird cuts Bank of America, JPMorgan on 'not attractive' risk/reward

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Baird downgraded Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM), citing that risk/reward trade-off in mega-cap banks is not attractive and regionals look better on a valuation basis.

"We understand the optimism around mega-cap banks here - benefits from deregulation, solid capital positions, capital markets