Bank of America (BAC) Stock Gains After Earnings, Analysts Bullish
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Shares of Bank of America (NYSE: BAC) are up in today’s trading session after the company reported better-than-expected EPS numbers for its fourth quarter.
BofA reported Q4 EPS of $0.82, $0.06 better than the analyst estimate of $0.76. Revenue for the quarter came in at $22.1 billion versus the consensus estimate of $22.23 billion.
"Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits,” Chairman and CEO Brian Moynihan said in a press release.
Wells Fargo analyst Mike Mayo reiterated his Top Pick call on BofA. Mayo has an Overweight rating and a $60.00 per share price target on BAC.
“This is the second quarter in a row of positive operating leverage, and we forecast that BAC will have among the best positive operating leverage among banks in the next 1-2 years,” the analyst said in a client note.
Goldman Sachs analyst Richard Ramsden also reiterated a Buy rating and a $54.00 per share price target following earnings.
“We believe the market will view these results positively, although based on peers that have reported so far, focus is likely to primarily be on the NII outlook, both in terms of the rate curve and loan/securities growth assumed, and what the margin on that NII growth looks like,” Ramsden wrote.
By Senad Karaahmetovic | [email protected]
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Create E-mail Alert Related CategoriesAnalyst Comments, Earnings
Related EntitiesGoldman Sachs, Mike Mayo, Earnings, Wells Fargo, BofA/Merrill Lynch, Senad Karaahmetovic
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