2024-04-19 17:59:48 ET
Summary
- Bank of America's stock has surged by 13.47% since my previous coverage, prompting a reevaluation of its investment potential.
- Q1 2024 data leaves a fair price estimate at $47.30, with a $59.66 future target, indicating 36.4% near-term upside and 12% annual returns.
- BofA plans expansion by opening 37 new financial centers across nine states by 2026.
- It demonstrates robust financial stability, holding significant cash reserves and a strong market position.
Thesis
In my previous article covering Bank of America Corporation ( BAC ), I rated the stock as a buy after assigning a fair price target of $39.41 and a future price of $67.80. At that time, the stock was trading at $33.40 and now, when writing this article, the stock price has climbed to $34.70....
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Bank of America: Considerable Near-Term Potential, But Annualized Returns Likely Lower