Jefferies Remains Bullish on Bank of America (BAC) Following 3Q Report
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- Jefferies Cuts Price Target on Dollar General (DG) Following 3Q
- Bank of America (BAC) call put ratio 3 calls for 1 put as shares trend higher
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesJefferies & Co, 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!