Analyst Raises Bank Of America's Price Target To $40, Yet Sees Higher Returns In Other US FIG Stocks
Portfolio Pulse from Nabaparna Bhattacharya
BMO Capital Markets analyst James Fotheringham has reiterated the Market Perform rating on Bank Of America Corporation (NYSE:BAC), raising the price target to $40 from $39. Despite this, the analyst sees more reliable return potential from other U.S. FIG stocks. BAC's 3Q23 revenue and credit beat led to a raise in estimates by as much as +3%. BAC expects quarterly NII to trough in 1H24, growing modestly in 2H24. The analyst raised BAC core EPS estimates for 2023, 2024, and 2025.
October 18, 2023 | 5:56 pm
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NEUTRAL IMPACT
Bank Of America's price target has been raised to $40 from $39 by BMO Capital Markets analyst. However, the analyst sees more reliable return potential from other U.S. FIG stocks.
The news of the price target increase for BAC is positive, however, the analyst's view of more reliable returns from other U.S. FIG stocks could potentially dampen the positive impact. This could lead to a neutral short-term impact on BAC's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100