Baird downgrades Bank of America to neutral, says outperformance has run its course

A Bank of America branch in San Francisco on Jan. 14, 2021.
David Paul Morris | Bloomberg | Getty Images

There is little upside left for Bank of America's stock after a strong run of outperformance for the large bank, investment firm Baird said in a note to clients on Tuesday.

Analyst David George moved the stock to neutral from buy, saying the valuation suggests that the shares will soon run out steam. Bank of America has risen 71% since the end of October.