Bank of America, Wachovia Forecasts Cut by Friedman Billings

Bank of America Corp. and Wachovia Corp. may be forced to write down more mortgage-related assets in the fourth quarter, reducing their earnings, Friedman Billings Ramsey & Co. said.

Bank of America, the second-largest U.S. bank, had its share-price estimate cut 10 percent to $52 and its 2007 profit estimate reduced 5 cents to $1.10 a share by analyst Gary Townsend, who maintained his ``outperform'' rating on the shares.

Wachovia, the fourth-largest U.S. bank, had its share-price estimate cut to $47 from $50 and its 2007 share-price estimate lowered by 10 cents to $1 a share. Townsend maintained his ``market perform'' rating.
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