Bank of America price target lowered to $34 from $38 at JPMorgan

JPMorgan lowered the firm’s price target on Bank of America to $34 from $38 and keeps an Overweight rating on the shares. The firm says a "litany of concerns" is impacting the banking sector, including the outlook for a recession, the impact of sustained high inflation, some slowdown in consumer spending and the impact of likely increased regulatory requirements and oversight. In the near-term, loan growth is likely to slow, deposits should hold up well on period end basis due to inflows from smaller banks; and net interest margins have peaked with net interest income likely to come down, the analyst tells investors in a research note. JPMorgan expects bank stocks to "remain choppy and pressured" due to these concerns.