Wells Fargo lowered the firm’s price target on Bank of America to $40 from $43 and keeps an Overweight rating on the shares. The firm cites less-than-expected estimated loan and capital markets growth, as well as less buybacks due to regulatory changes for the price target reduction, and is more cautious in the short-term, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BAC:
- Opening Day: Golf putter maker soars in debut, becomes best IPO of 2023
- Bank of America price target lowered to $49 from $52 at Oppenheimer
- House Judiciary issues subpoena to Citibank over Jan 6, 2021, CNBC says
- Bank of America (NYSE:BAC): The “Goldilocks” of Bank Stocks
- Bank Stocks Decline despite Good Word on Credit