Jefferies Remains Bullish on Bank of America (BAC) Following 3Q Report
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Jefferies reiterated a Buy rating and $19.00 price target on Bank of America (NYSE: BAC) following the company's 3Q earnings report. Fees were up 3% Y-Y on better IB, trading, service charges, and "other," flipping three quarters of negative comps.
Analyst Ken Usdin commented, "BAC's 3Q was highlighted by fee growth, expense control, and improving credit, as operating leverage progress continued. Fee revs. and credit run-rate better vs. our model. We raise '17E EPS by nickel to $1.60 and keep '18E at $1.80."
Shares of Bank of America closed at $16.05 yesterday.
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Related EntitiesJefferies & Co, Bank of America, Earnings
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