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|  | MAY 12, 2004
 WORD ON THE STREET Prudential Upgrades Bank of America to Overweight Analyst Michael Mayo says he raised his price target and earnings estimates given his expectations for faster than expected Fleet merger savings Prudential upgraded Bank of America (BAC ) shares to overweight from neutral. Analyst Michael Mayo says he upgraded his rating and raised his $84 price target to $86, as well as his 2004 and 2005 EPS estimates by 5 cents each, to $7.30, $8.00, respectively, given his expectations for faster than expected Fleet merger savings. He believes Bank of America, vs. Citigroup (C ) and J.P. Morgan Chase (JPM ), has a more stable management, easier to understand structure, less regulatory risk, better positioning for higher rates, and compared with Citigroup has a more certain expense driven EPS outlook. Mayo says Bank of America's p-e is below other money centers despite a lower risk profile; its dividend yield is 30 to 60 basis points higher than other money centers, and he sees a 10% dividend increase on June 23.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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