Phillip Securities analyst Glenn Thum maintained a Buy rating on Bank of America today and set a price target of $56.00.
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Glenn Thum has given his Buy rating due to a combination of factors including Bank of America’s strong financial performance and strategic growth initiatives. The bank’s earnings for the third quarter of 2025 increased by 23% year-over-year, surpassing expectations, largely driven by a record rise in net interest income (NII) from global markets activities, asset repricing, and growth in deposits and loans. Additionally, investment banking fees surged by 43%, and investment and brokerage revenues grew by 11%, while provisions decreased by 16%, further supporting the earnings momentum.
Thum also highlights the bank’s ability to maintain stable NII despite lower interest rates, thanks to strategic asset repricing and loan growth. The bank’s wealth management segment, which constitutes a significant portion of its revenue, benefited from higher market valuations and increased client balances. With an anticipated continued growth in NII and wealth management fees, along with a slower pace of expense growth, Thum has raised the target price for Bank of America, reflecting confidence in its future performance.
In another report released on October 16, Wells Fargo also maintained a Buy rating on the stock with a $60.00 price target.
Based on the recent corporate insider activity of 68 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BAC in relation to earlier this year.