RBC Capital lowered the firm’s price target on Bank of America (BAC) to $45 from $50 and keeps an Outperform rating on the shares after its Q1 earnings beat. The company’s diversified business model continues to demonstrate its ability to navigate through uncertain times as its core business of gathering deposits and levering the deposit growth with loans should lead to stronger long-term earnings growth, the analyst tells investors in a research note. Bank of America’s core low-cost deposit base is its strongest asset, and it is expected to shine over the next 12-months, the firm adds.
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