What's Going On With Bank Of America Stock?
Portfolio Pulse from Adam Eckert
Bank of America Corp (BAC) shares have been trading lower, adding to losses of over 6% in the last week. This is due to rising Treasury yields, which make equities less attractive and borrowing more expensive. Morgan Stanley has cut its price target on BAC from $34 to $32 due to concerns over high earnings expectations. BAC is set to report Q3 results on Oct. 17, with an expected earnings of 80 cents per share on a revenue of $25.21 billion.
October 04, 2023 | 7:16 pm
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Bank of America's stock is under pressure due to rising Treasury yields and concerns over high earnings expectations. Morgan Stanley has cut its price target on BAC.
Rising Treasury yields make equities less attractive and borrowing more expensive, which can negatively impact a company's earnings. This, combined with Morgan Stanley's cut in price target due to concerns over high earnings expectations, is likely to put downward pressure on BAC's stock price in the short term.
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