Bank Of America Stock Is Up Over 21% For The Year: High Interest Rates Fuel Bullish Outlook
Portfolio Pulse from Surbhi Jain
Bank of America Corp (NYSE:BAC) stock hit a new 52-week high of $40.96, driven by strong technical indicators and a favorable analyst outlook. The stock has outperformed the S&P 500 and the S&P Banks Index, with a year-to-date increase of 21.56%. Goldman Sachs analyst Richard Ramsden sees a valuation discount and expects Net Interest Income to reaccelerate later in the year.
July 03, 2024 | 12:33 pm
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Bank of America Corp (NYSE:BAC) stock hit a new 52-week high of $40.96, driven by strong technical indicators and a favorable analyst outlook. The stock has outperformed the S&P 500 and the S&P Banks Index, with a year-to-date increase of 21.56%. Goldman Sachs analyst Richard Ramsden sees a valuation discount and expects Net Interest Income to reaccelerate later in the year.
The stock has shown strong technical indicators such as moving averages, MACD, RSI, and Bollinger Bands, all pointing to a bullish trend. Additionally, Goldman Sachs' positive outlook on BAC's valuation and Net Interest Income trajectory further supports the bullish sentiment.
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IMPORTANCE 90
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