Bank of America's Growth Boosted by Strong Fees and Operating Efficiency: Goldman Sachs Analyst
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs analyst Richard Ramsden reiterated a Buy rating on Bank of America (NYSE:BAC) with a price target of $45. Bank of America reported better-than-expected fiscal Q2 2024 results, with net income of $6.9 billion and revenue of $25.5 billion. The company anticipates Q4 net interest income of ~$14.50 billion. Ramsden highlighted the company's strong fees, operating efficiency, and better-than-expected core PPNR and ROTCE. BAC shares are trading higher by 5.16% at $44.05.
July 16, 2024 | 4:37 pm
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Goldman Sachs analyst Richard Ramsden reiterated a Buy rating on Bank of America (NYSE:BAC) with a price target of $45. BAC reported better-than-expected fiscal Q2 2024 results, with net income of $6.9 billion and revenue of $25.5 billion. The company anticipates Q4 net interest income of ~$14.50 billion. Shares are trading higher by 5.16% at $44.05.
The reiteration of a Buy rating by Goldman Sachs, along with better-than-expected Q2 results and positive future guidance, is likely to boost investor confidence and drive the stock price higher in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100