Jefferies Reiterates Buy on Bank of America (BAC) Following 2Q Earnings - PT to $16.50
Jefferies reiterated a Buy rating on Bank of America (NYSE: BAC), and raised the price target to $16.50 (from $16.00), following the company's 2Q earnings report. Management expects NII to be stable in upcoming quarters, with upside if rates move higher.
Analyst Ken Usdin commented, "Good quarter for BAC, highlighted by fee growth, expense control, stable credit, and a lower tax rate (run-rates). The NII trajectory is softer, but the new outlook for $53B of expenses in '18 is a big statement to execute upon. We lift ests. by a nickel in '16 ($0.04 overage from 2Q beat) and in '17 (lower expenses)."
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Shares of Bank of America closed at $14.11 yesterday.