JPM - Bank of America Beats Q1 Earnings But Doesn't Grow (Rating Downgrade)
2024-04-16 09:45:03 ET
Summary
- Bank of America Corporation just released its first quarter earnings, beating on revenue and EPS.
- While the dual beat was welcome, the absolute results were less good: revenue and earnings declined.
- The bank still has a massive unrealized loss, although liquidity coverage is excellent.
- The growth in investment banking fees in Q1 was very rapid.
- In this article, I explain why I'm downgrading my Bank of America rating to hold for the first time ever.
Bank of America Corporation ( BAC ) just released its first quarter earnings . The release beat expectations on revenue and on earnings per share (“EPS”). Before the release came out, analysts expected BAC to do $25.39 billion in revenue and $0.77 in EPS. Actual figures came in at $25.8 billion in revenue, a decrease of 2%, and $0.83 in adjusted EPS, with no comparable figure reported in the year-ago quarter....
Bank of America Beats Q1 Earnings But Doesn't Grow (Rating Downgrade)