Bank of America's year started on the right foot with an upgrade from Citigroup analyst Keith Horowitz. In a note published Thursday, Horowitz justified the upgrade on the basis of "a cost of equity more in line with history and no longer affected by legacy issues." He continued: "[If the] U.S. economy continues to improve, we believe investors will look to BAC (as well as JPM) as a play on the US economy due to an asset sensitive balance sheet and exposure to the US consumer."