Bank of America (NYSE:BAC) Price Target Cut to $70.00 by Analysts at Jefferies Financial Group

Key Points

• Jefferies lowered Bank of America’s price target from $75 to $70 but maintained a “Buy” rating, implying nearly 25% upside from the prior close.
• Analyst sentiment remains broadly positive: 21 analysts rate BAC a Buy and six a Hold, with a consensus “Moderate Buy” rating and average price target of $63.88.
• Bank of America exceeded quarterly expectations, reporting $1.21 in earnings per share versus a $1.13 consensus estimate and $31.56 billion in revenue, up 19.6% year over year.

Bank of America (NYSE:BAC) had its price target lowered by analysts at Jefferies Financial Group from $75.00 to $70.00 in a research note issued on Thursday. The brokerage currently has a "buy" rating on the financial services provider's stock. Jefferies Financial Group's target price indicates a potential upside of 24.97% from the company's previous close.

Several other research firms have also issued reports on BAC. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Oppenheimer lowered shares of Bank of America from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Evercore set a $63.00 price objective on Bank of America and gave the company an "outperform" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on Bank of America from $62.50 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada raised their price target on Bank of America from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $63.88.

Bank of America Trading Down 0.3%

Bank of America stock opened at $56.01 on Thursday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The firm's 50-day moving average is $61.78 and its 200-day moving average is $55.99. The company has a market cap of $391.68 billion, a P/E ratio of 12.85, a PEG ratio of 0.90 and a beta of 1.15. Bank of America has a 1 year low of $46.12 and a 1 year high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. The business had revenue of $31.56 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company's revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. On average, equities analysts expect that Bank of America will post 4.67 earnings per share for the current year.

Institutional Trading of Bank of America

Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Norges Bank bought a new position in Bank of America in the 4th quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp lifted its position in shares of Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after buying an additional 2,929,779 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of Bank of America by 5.9% in the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider's stock valued at $2,594,488,000 after purchasing an additional 2,611,776 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of Bank of America in the second quarter worth approximately $2,571,060,000. Finally, Capital International Investors bought a new stake in Bank of America during the 4th quarter valued at $2,357,461,000. Institutional investors own 70.71% of the company's stock.

Trending Headlines about Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America plans to hire 1,000 additional apprentices over the next two years and invest $150 million in workforce development. The initiative could expand its talent pipeline across consumer banking, technology, operations and client-facing businesses, although the financial benefit is likely longer term. BofA to Hire 1,000 Additional Apprentices and Invest $150 Million in Workforce Development
• Positive Sentiment: A higher-rate environment may provide a mechanical tailwind to Bank of America’s net interest income, particularly given its large deposit base. Recent quarterly results also showed earnings and revenue exceeding analyst expectations, supporting the fundamental case for BAC.
• Neutral Sentiment: CEO Brian Moynihan discussed interest rates, inflation, the consumer and artificial intelligence, emphasizing that inflation needs to come under control. The comments reinforce the importance of the macroeconomic outlook for loan demand, credit quality and funding costs. Bank of America CEO Brian Moynihan: Inflation has got to get under control
• Negative Sentiment: Bank of America indicated that financial markets were less robust in the third quarter, raising concerns about weaker trading and investment-banking activity. Investors may view this as a near-term revenue headwind despite growth opportunities in other businesses. Bank of America sees less-robust markets in Q3
• Negative Sentiment: Bank of America strategists warned that Brent crude could exceed $150 per barrel if Middle East supply disruptions persist into 2027. A sustained oil shock could prolong inflation, keep interest rates elevated, pressure borrowers and weaken economic growth—risks that can weigh on bank valuations and credit performance. Oil could top $150 a barrel if supplies further tighten

About Bank of America

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.

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