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.
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