Bank of America Corp. Downgraded to Outperform at Raymond James (BAC)
Bank of America Corp. (NYSE:BAC) was downgraded by Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $16.00 price objective on the stock, down from their previous price objective of $16.50. Raymond James’ target price suggests a potential upside of 9.89% from the stock’s previous close.
Bank of America Corp. (NYSE:BAC) traded up 0.38% on Thursday, hitting $14.615. The stock had a trading volume of 64,720,896 shares. Bank of America Corp. has a one year low of $8.92 and a one year high of $15.03. The stock’s 50-day moving average is $14.2 and its 200-day moving average is $13.56. The company has a market cap of $157.0 billion and a price-to-earnings ratio of 31.86.
Bank of America Corp. (NYSE:BAC) last announced its earnings results on Wednesday, October 16th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.01. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.11 billion. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $0.89 earnings per share for the current fiscal year.
A number of other firms have also recently commented on BAC. Analysts at Evercore Partners raised their price target on shares of Bank of America Corp. from $16.00 to $17.00 in a research note to investors on Thursday. They now have an “overweight” rating on the stock. Finally, analysts at ISI Group initiated coverage on shares of Bank of America Corp. in a research note to investors on Tuesday, October 8th. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $14.68.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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