Bank of America (BAC) PT Lifted to $16 at Evercore on 'Less Noisy' Qtr and Positive Outlook
Evercore Partners analyst Andrew Marquardt reiterated his Overweight rating on Bank of America (NYSE: BAC) and raised his price target from $15 to $16 following a "less noisy" Q2 and a more positive outlook.
He comments, "Moving our ests modestly lower post 2Q13 results as we now account for part of legal expenses (ex LAS) in core run rate (~$250m/qtr), though this is partly offset by better credit and NII, while core expenses remain on track. Our '13 EPS est goes to $0.99 (from $1.04), '14 to $1.31 (from $1.34) and introducing '15 est of $1.52. PT goes to $16 (from $15) and implies 10.5x our new '15 EPS est and 1.2x 'end of '13 est'd TBV/shr. Shares attractive at 1.1x TBV and 8.1x norm EPS."
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 $14.31 yesterday, with a 52 week range of $6.90-$14.44.
He comments, "Moving our ests modestly lower post 2Q13 results as we now account for part of legal expenses (ex LAS) in core run rate (~$250m/qtr), though this is partly offset by better credit and NII, while core expenses remain on track. Our '13 EPS est goes to $0.99 (from $1.04), '14 to $1.31 (from $1.34) and introducing '15 est of $1.52. PT goes to $16 (from $15) and implies 10.5x our new '15 EPS est and 1.2x 'end of '13 est'd TBV/shr. Shares attractive at 1.1x TBV and 8.1x norm EPS."
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 $14.31 yesterday, with a 52 week range of $6.90-$14.44.