Bank of America price target raised by $1.50 at Piper Sandler, here’s why

Piper Sandler raised the firm’s price target on Bank of America to $29 from $27.50 and keeps an Underweight rating on the shares. Several of the largest banks offered intra-quarter updates earlier this week, with virtually no changes to net interest margin, net interest income, or deposit beta expectations, the analyst tells investors in a research note. The firm thought the macro commentary regarding customer health was benign and there was “nothing shocking on credit.” Piper sees the updates as “another set of constructive updates from the large banks.”