Bank of America (BAC) PT, Estimates Raised at Credit Suisse Following FAS 91 Accounting Change
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- After-Hours Stock Movers 12/06: (PLAY) (ANTH) (WDC) Higher; (AVAV) (ESV) (BLUE) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your 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
- Mizuho Securities Raises Price Target on Francesca's (FRAN) Following 3Q Beat
- Wedbush Downgrades Select Comfort (SCSS) to Neutral
- Mizuho Securities Raises Price Target on Noble Midstream Partners LP (NBLX) to $37
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!