ISI Group Initiates Coverage on Bank of America Corp. (BAC)
Investment analysts at ISI Group started coverage on shares of Bank of America Corp. (NYSE:BAC) in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.
Shares of Bank of America Corp. (NYSE:BAC) opened at 13.81 on Tuesday. Bank of America Corp. has a 52 week low of $8.92 and a 52 week high of $15.03. The stock has a 50-day moving average of $14.27 and a 200-day moving average of $13.48. The company has a market cap of $148.4 billion and a price-to-earnings ratio of 30.22.
Bank of America Corp. (NYSE:BAC) last released its earnings data on Wednesday, July 17th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.25 by $0.07. The company had revenue of $22.95 billion for the quarter, compared to the consensus estimate of $22.61 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. On average, analysts predict that Bank of America Corp. will post $0.89 earnings per share for the current fiscal year.
BAC has been the subject of a number of other recent research reports. Analysts at Guggenheim cut their price target on shares of Bank of America Corp. from $17.00 to $16.00 in a research note to investors on Monday, September 30th. Separately, analysts at UBS AG raised their price target on shares of Bank of America Corp. from $14.50 to $15.50 in a research note to investors on Friday, September 27th. They now have a “neutral” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. downgraded shares of Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, September 27th. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company’s stock. Bank of America Corp. currently has an average rating of “Hold” and an average price target of $14.65.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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