Bank of America's Q2 Earnings Beat Estimates Amid Fed Rate Hikes: What Analysts Are Saying
Portfolio Pulse from AJ Fabino
Bank of America Corp (BAC) reported Q2 earnings that beat consensus estimates, driven by higher interest income amid the Federal Reserve's rate hike campaign. The bank reported earnings of 88 cents per share, ahead of the 84 cent Street estimate, on revenues of $25.33 billion. Despite the positive earnings, the bank's net interest income has been under scrutiny due to a slowdown in loan and deposit growth. Analysts from Oppenheimer and BMO Capital Markets have adjusted their price targets for BAC, while Keefe, Bruyette, & Woods gave the bank an Underperform rating.
July 19, 2023 | 8:03 pm
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NEUTRAL IMPACT
Bank of America's Q2 earnings beat estimates, but concerns over slowdown in loan and deposit growth may impact the stock.
While the earnings beat is positive, the concerns over slowdown in loan and deposit growth could negatively impact the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Bank of America's full-year guidance was compared unfavorably to JPMorgan Chase & Co.
The comparison to JPMorgan Chase & Co could potentially impact the perception of JPM's stock, but the direct impact is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50