Oppenheimer analyst Chris Kotowski lowered the firm’s price target on Bank of America to $49 from $50 and keeps an Outperform rating on the shares. Like most banks, Bank of America’s Q4 2023 results had some noise in them from the $2.1B FDIC special assessment as well as from a $1.6B special BSBY cessation charge, but underlying core operating trends were in line with expectations, the firm notes. To Oppenheimer, the core was very much in line, and the firm believes that the company will be able to sustain ROTCEs in the low to mid-teens for the foreseeable future.
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 today’s best-performing stocks on TipRanks >>
Read More on BAC:
- TipRanks’ All-Star Analyst – Who is the Best on BAC Stock?
- Boston Consulting Group: Banks Can Create $7T in Value
- Bank of America Reports Earnings: Did it Beat Estimate Forecasts?
- Bank of America: Managing headcount by hiring less, not major job cuts
- Bank of America sees NII down in 1H24 before stabilizing