Bank of America Rating Increased to Outperform at Oppenheimer (BAC)
Bank of America (NYSE:BAC) was upgraded by equities research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $19.00 price objective on the stock. Oppenheimer’s price target would indicate a potential upside of 17.79% from the stock’s previous close. The analysts noted that the move was a valuation call.
Bank of America (NYSE:BAC) opened at 16.13 on Thursday. Bank of America has a 52 week low of $11.23 and a 52 week high of $18.03. The stock’s 50-day moving average is $16.90 and its 200-day moving average is $15.84. The company has a market cap of $170.5 billion and a price-to-earnings ratio of 18.15. Bank of America also was the target of a significant drop in short interest in the month of January. As of March 31st, there was short interest totalling 111,575,739 shares, a drop of 6.6% from the March 14th total of 119,508,930 shares. Based on an average trading volume of 109,728,457 shares, the short-interest ratio is currently 1.0 days. Approximately 1.1% of the company’s stock are sold short.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 16th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.30. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $22.38 billion. During the same quarter last year, the company posted $0.20 earnings per share. Bank of America’s revenue was down 2.7% compared to the same quarter last year. Analysts expect that Bank of America will post $1.08 EPS for the current fiscal year.
BAC has been the subject of a number of other recent research reports. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a research note on Thursday. They now have a $20.00 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Bank of America from $20.00 to $18.50 in a research note on Thursday. Finally, analysts at Societe Generale reiterated a “buy” rating on shares of Bank of America in a research note on Tuesday, April 8th. They now have a $19.50 price target on the stock, down previously from $20.00. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $16.90.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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