According to The Wall Street Journal, analyst Michael Mayo’s new target is Bank of America (BAC) and its CEO Brian Moynihan.

He attributes a lot of the bank's recent successes to economic conditions.   

In a 21-page report sent to clients this afternoon, Mr. Mayo took aim at what he calls the bank’s “unfocused strategy and muddled metrics,” and criticizes the bank’s financial disclosures and governance decisions.

But Mr. Mayo chalks much of BofA’s recent success to economic trends rather than smart strategy and efficient execution. “To us,” he writes, “the phrase ‘don’t confuse brains with a bull market’ comes to mind.”