1 Wall Street Analyst Thinks Bank of America Stock Is Going to $42. Is It a Buy? [Yahoo! Finance]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Yahoo! Finance
The nation's No. 2 bank by assets beat Wall Street estimates but reported a decline in net interest income due to higher deposit rates. Overall deposits were down 7%, and charge-offs were up 26% from the previous quarter to $1.5 billion. This shows that the bank's loan portfolio appears to be weakening. However, at least one Wall Street analyst sees a silver lining to the update. In the wake of the first-quarter report, Wolfe Research gave Bank of America an upgrade, from peer perform to outperform, with a price target of $42, implying a 14% gain in the stock. Wolfe Research says Bank of America is a buy Wolfe acknowledged that the bank could face some headwinds from a "higher-for-longer" interest-rate regime after comments from Fed Chair Powell indicated that rates could remain elevated. However, the analyst expected net interest income to soon hit an inflection point and for Bank of America to stop underearning and move closer to the sector average for the net interest margi
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