Jefferies Remains Bullish on Bank of America (BAC) Following 3Q Report

October 18, 2016 8:43 AM EDT
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Price: $21.23 -1.26%

Rating Summary:
    21 Buy, 15 Hold, 2 Sell

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    Up: 11 | Down: 31 | New: 42
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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."

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 $16.05 yesterday.

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