Bank of America (BAC) PT, Estimates Raised at Credit Suisse Following FAS 91 Accounting Change
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Shares of Bank of America closed at $15.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
- Jefferies Cuts Price Target on Packaging Corp. (PKG) to $93; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCredit Suisse, Bank of America, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!