BMO Capital Markets analyst James Fotheringham reiterated the Market Perform rating on Bank Of America Corporation (NYSE: BAC), raising the price target to $40 from $39.
The analyst sees more reliable return potential from other U.S. FIG stocks based on greater investment opportunities among payment stocks and alternative asset managers, which will likely benefit from less exposure to funding, regulatory, and credit risks.
Following BAC's 3Q23 revenue and credit beat, the analyst raised estimates by as much as +3% (higher NII).
BAC expects quarterly NII to trough in 1H24, growing modestly in 2H24; this implies ...