TD Cowen Boosts Bank of America (NYSE:BAC) Price Target to $66.00

Bank of America (NYSE:BAC) had its price target increased by equities researchers at TD Cowen from $64.00 to $66.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price objective suggests a potential upside of 17.53% from the stock’s current price.

A number of other brokerages have also weighed in on BAC. HSBC upgraded Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Argus raised their target price on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Finally, Cowen reissued a “buy” rating on shares of Bank of America in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.82.

Bank of America Stock Up 0.9%

BAC opened at $56.15 on Wednesday. Bank of America has a twelve month low of $33.06 and a twelve month high of $57.55. The company’s 50-day moving average price is $54.09 and its two-hundred day moving average price is $50.91. The stock has a market cap of $410.06 billion, a price-to-earnings ratio of 15.30 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. As a group, equities analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares in the last quarter. Wiser Advisor Group LLC purchased a new stake in Bank of America in the third quarter worth about $27,000. RMG Wealth Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $28,000. Finally, Steph & Co. lifted its holdings in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analyst upgrades and price-target increases from multiple firms (HSBC upgraded BAC to strong-buy; TD Cowen and Wells Fargo raised price targets) are supporting bullish investor sentiment and likely helped buying interest. HSBC upgrade / analyst coverage
• Neutral Sentiment: Bank of America announced an accounting update for tax-equity investments and is pushing into fixed-income and digital-asset capabilities; analysts note this could change reported results and business mix but effects are uncertain until Q4 filings. Accounting update
• Neutral Sentiment: BofA reiterated and published sector research (including top chip picks and bullish takes on AI beneficiaries) that highlights its research franchise — helpful for revenue but only indirectly impacts BAC’s valuation. BofA research on chips
• Neutral Sentiment: Reminder: BAC will report Q4 2025 results and host its earnings call on Jan. 14 — a key near-term catalyst that could widen moves depending on loan growth, net interest margin and trading/investment banking performance. Earnings / investor call
• Negative Sentiment: India’s markets regulator alleges BofA shared confidential information ahead of a 2024 $180M block trade and misled investigators; the bank is reportedly seeking to settle without admitting wrongdoing — this regulatory probe creates legal, reputational and potential financial risk. India regulator probe (Reuters)
• Negative Sentiment: Wolfe Research downgraded BAC, adding downward pressure and giving some investors reason to lock in gains given valuation/earnings concerns cited by the firm. Wolfe Research downgrade

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.