January 16, 2008 / 7:49 AM / 11 years ago

UPDATE 1-RESEARCH ALERT-BofA cuts Bear Stearns price target

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Jan 16 (Reuters) - Banc of America Securities cut its price target on Bear Stearns Cos Inc BSC.N to $93 from $108, saying difficult conditions in the mortgage and credit markets continue.

Fixed income market slowdown, mortgage market and securitization markets, coupled with firm-specific issues around Bear Stearns’ prime brokerage and asset management operations, are likely to weigh on near-term fundamentals for longer than expected, BofA said.

Earlier this month, Bear Stearns’ leader James Cayne, under fire for collapse of two hedge funds, stepped down as chief executive, handing the role to the company’s star investment banker Alan Schwartz.

However, BofA said it expects little to change in the near term. It maintained its “neutral” rating on Bear Stearns. (Reporting by Nachiket Kelkar in Bangalore; Editing by Himani Sarkar)

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