Keefe, Bruyette & Woods maintained 'Market Perform' rating on Bank of America

EditorLina Guerrero
Published 30/05/2024, 19:36
© Reuters.

On Thursday, Keefe, Bruyette & Woods maintained a Market Perform rating on Bank of America (NYSE:BAC) with a steady price target of $37.00. The firm's stance comes after Bank of America's management provided insights at a recent competitor conference.

Bank of America's second-quarter net interest income (NII) is projected to be slightly below expectations, at about 1% less than the anticipated $14 billion, marking a $0.02 shortfall compared to the consensus. Additionally, the bank's Markets revenue for the second quarter of 2024 is forecasted to experience a low single-digit year-over-year increase, which translates into a $0.01 deviation from the consensus estimates.

Furthermore, the bank anticipates its banking revenue to grow by 10-15% year-over-year in the second quarter, which also results in a $0.01 difference from the consensus figures. Overall, the guidance provided by the bank's management suggests a $0.04 miss to consensus for the second quarter of 2024.

The reaffirmed price target of $37.00 reflects the firm's evaluation of the bank's performance and market conditions. Bank of America's stock performance and financial updates are closely monitored by investors as indicators of the bank's health and the broader financial sector's performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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