Bank of America Corp. PT Raised to $20.00 at Raymond James (BAC)
Equities research analysts at Raymond James boosted their target price on shares of Bank of America Corp. (NYSE:BAC) from $17.00 to $20.00 in a research note issued to investors on Thursday, ARN reports. Raymond James’ price objective suggests a potential upside of 19.26% from the stock’s previous close.
The analysts wrote, “We reiterate our Outperform rating on BAC given its above-average EPS growth potential, relatively attractive valuation, and leverage to rising rates and an improving economy.” The analyst noted the company’s reported fourth quarter EPS of $0.29, or $0.32 excluding extraordinary items. Raymond James’ estimate was $0.27 versus the Street’s average of $0.26. The analyst highlighted strong LQ growth in investment banking, net interest income, and investment/ brokerage. Raymond James included other highlights in his note including, “Strong core fee income growth and higher-than-expected net interest income and NIM; a lower-than-expected provision with ample excess reserves still on the balance sheet; the aforementioned LQ declines in NCOs and nonaccruals; and strong capital ratios as evidenced by an estimated Basel III Tier 1 common ratio of 9.96% at December 31, 2013.”
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of Bank of America Corp. in a research note to investors on Thursday. Separately, analysts at FBR Capital Markets raised their price target on shares of Bank of America Corp. from $15.00 to $18.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock. Finally, analysts at Nomura initiated coverage on shares of Bank of America Corp. in a research note to investors on Thursday, January 9th. They set a “buy” rating and a $19.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Bank of America Corp. presently has a consensus rating of “Hold” and a consensus target price of $15.95.
Shares of Bank of America Corp. (NYSE:BAC) traded down 0.64% during mid-day trading on Thursday, hitting $17.04. 151,430,816 shares of the company’s stock traded hands. Bank of America Corp. has a 1-year low of $10.98 and a 1-year high of $17.42. The stock has a 50-day moving average of $15.87 and a 200-day moving average of $14.70. The company has a market cap of $181.8 billion and a price-to-earnings ratio of 26.14. Bank of America Corp. also was the target of unusually large options trading on Wednesday. Stock investors bought 747,305 call options on the stock. This is an increase of approximately 311% compared to the typical daily volume of 182,013 call options.
Bank of America Corp. (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.28 billion. During the same quarter in the prior year, the company posted $0.03 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $1.31 earnings per share for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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