SunTrust Lowers Bank of America Price Target to $17.00 (BAC)
Equities research analysts at SunTrust cut their price target on shares of Bank of America (NYSE:BAC) from $19.00 to $17.00 in a research note issued to investors on Friday, StockRatingsNetwork reports. SunTrust’s price target indicates a potential upside of 6.58% from the company’s current price.
A number of other firms have also recently commented on BAC. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Bank of America in a research note on Thursday. They now have a $16.50 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Bank of America in a research note on Thursday, April 17th. They now have a $17.00 price target on the stock. Finally, analysts at Oppenheimer upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 17th. They now have a $19.00 price target on the stock. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $16.82.
Bank of America (NYSE:BAC) opened at 15.95 on Friday. Bank of America has a 1-year low of $12.05 and a 1-year high of $18.03. The stock’s 50-day moving average is $16.82 and its 200-day moving average is $15.95. The company has a market cap of $168.0 billion and a P/E ratio of 21.22. Bank of America also was the target of a significant decrease in short interest in January. As of March 31st, there was short interest totalling 111,575,739 shares, a decrease of 6.6% from the March 14th total of 119,508,930 shares. Currently, 1.1% of the company’s stock are sold short. Based on an average daily volume of 109,728,457 shares, the days-to-cover ratio is presently 1.0 days.
Bank of America (NYSE:BAC) last released its earnings data 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 $0.96 EPS 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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