Bank Of America, Fifth Third Bancorp To Gain From 'Higher For Longer' Interest Rates: JPMorgan's Top Picks
Portfolio Pulse from Surbhi Jain
JPMorgan analyst Vivek Juneja highlights a positive outlook for Bank of America Corp (BAC) and Fifth Third Bancorp (FITB), citing benefits from sustained high interest rates and a recovering economy. Juneja is overweight on both stocks, with year-end price targets of $40.50 for BAC and $39.50 for FITB. Wells Fargo & Co (WFC) is also mentioned as poised for growth, particularly with an expected asset cap lift.
May 01, 2024 | 6:27 pm
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POSITIVE IMPACT
Bank of America is expected to benefit from higher long-term rates and markets-related revenues, with JPMorgan setting a year-end price target of $40.50.
Bank of America's exposure to markets-related revenues and higher long-term rates positions it for growth, as highlighted by JPMorgan's analysis and overweight rating.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Fifth Third Bancorp is upgraded to overweight by JPMorgan, with a price target of $39.50, expected to benefit significantly from higher long-term rates.
Fifth Third Bancorp's upgrade to overweight and a set price target of $39.50 by JPMorgan is based on its potential earnings growth from higher long-term rates and strong performance metrics.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Wells Fargo is expected to grow, especially with an anticipated asset cap lift, despite a smaller share of markets-related revenues.
Wells Fargo's growth prospects are highlighted by JPMorgan, particularly with the expected lift of its asset cap, despite having a smaller share of markets-related revenues.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70