Bank of America Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Lisa Levin
Bank of America Corp (NYSE:BAC) reported better-than-expected earnings for Q3, with EPS of $0.90, beating the consensus of $0.81. Revenue increased 3% YoY to $25.32 billion, beating the consensus of $25.14 billion. Despite the positive earnings, BAC shares fell 0.6% to trade at $27.43. BMO Capital and Oppenheimer raised their price targets on BAC following the earnings announcement.
October 18, 2023 | 3:13 pm
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NEUTRAL IMPACT
Bank of America reported better-than-expected Q3 earnings and revenue, leading to raised price targets by BMO Capital and Oppenheimer. However, BAC shares fell 0.6%.
Bank of America's better-than-expected earnings and revenue for Q3 led to raised price targets by analysts, indicating a positive outlook. However, the stock price fell 0.6%, suggesting that the market had already priced in the positive earnings. The impact on the stock price in the short term is neutral as the positive earnings report is balanced by the slight drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100