Goldman Sachs Upgrades Bank of America (BAC) to Buy
Get Alerts BAC Hot Sheet
Rating Summary:
19 Buy, 20 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 36
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Goldman Sachs upgraded Bank of America (NYSE: BAC) from Neutral to Buy with a price target of $19.00 (from $17.00). Analyst Richard Ramsden pointed out that a lot of Bank of America's legal issues are resolved, and he thinks investors will focus on positives, including better-than-expected long-term earnings power, better earnings mix, improved earnings stability, and improving capital return.
"The major catalyst for shares in our opinion is the resolution of the bulk of BAC’s legal issues with its AG settlement. Legal costs have obscured much of the fundamental improvement at BAC and with these costs now subsiding, we believe investors will turn their focus to BAC’s fundamental improvement. Separately, a 1% return on assets has been a long-term target for the company, and as investors become more comfortable that these results are achievable, we believe shares could rerate," said Ramsden.
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 $16.02 yesterday.
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