Bank of America price target lowered to $33 from $38 at Citi

Citi analyst Keith Horowitz lowered the firm’s price target on Bank of America to $33 from $38 and keeps a Neutral rating on the shares post the Q1 results. The analyst sees downside to net income estimates in 2024 on fees and expenses, including estimated FDIC assessment headwinds. Citi remains on the sidelines as it continues to see limited room for multiple expansion from here.