Despite Bank of America's efforts to restructure and reduce its risk profile, one analyst still gives the mega-bank a neutral rating. 

Todd Hagerman with Sterne Agee said he would remain on the sidelines given Bank of America's (BAC) potential risk.

Hagerman said, "While the company's earnings leverage is primarily centered on lower legacy mortgage-related costs and ongoing credit improvement, future earnings are not without risk given the challenging economic backdrop and Bank of America's track record of generating sustainable earnings per share growth."

He expanded saying, "In particular, we remain concerned with Bank of America's potential litigation and outstanding mortgage repurchase risk."