BMO Capital analyst James Fotheringham upgraded Bank of America to Outperform from Market Perform with an unchanged price target of $37. The stock closed Monday down 11c to $27.93. The analyst expects upward consensus estimates revisions and a “multiple re-rating” to drive 34% total return in the shares. Bank of America’s current valuation multiple is 15% below its long-term average, Fotheringham tells investors in a research note. Further, even if the Federal Reserve cuts rates, positive earnings revisions from better fees, tax rates, provisions and buybacks should “more than offset” any related net interest margin dilution, contends the analyst.