Truist lowered the firm’s price target on Bank of America (BAC) to $47 from $50 and keeps a Buy rating on the shares as part of a broader research note on large-cap updating the firm’s models following Q1 earnings. The firm’s revisions reflect modest downward adjustments to EPS, incorporating more conservative run rates on certain fee revenue lines and slightly higher provisioning, the analyst tells investors in a research note. Truist sets its price targets lower on a combination of slightly lower EPS estimates and more conservative valuation multiples, reflecting the increased uncertainty and risks associated with the current macro environment, the firm added.
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