Bank of America (BAC) PT, Estimates Raised at Credit Suisse Following FAS 91 Accounting Change

October 5, 2016 8:54 AM EDT
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Price: $23.01 --0%

Rating Summary:
    24 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 3
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Credit Suisse analyst Susan Roth Katzke raised estimates and her price target on Outperform-rated Bank of America (NYSE: BAC) to $19.00 (from $18.00) after the company filed an 8-K restating prior periods to reflect a change in its FAS 91 accounting methodology, as announced last month (from the prepayment method to the contractual method).

"The new methodology is more consistent with peers and as such, will reduce quarter to quarter revenue and earnings volatility; it also results in an upward restatement to recent results," Katzke commented.

The firm's 2016 estimate move up to $1.37 from $1.25. 2017 and 2018 estimates - having incorporated little/no impact from FAS 91 - are unchanged at $1.45 and $1.70 respectively.

For an analyst ratings summary and ratings history on Bank of America click here. For more ratings news on Bank of America click here.

Shares of Bank of America closed at $15.80 yesterday.

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