Bank of America price target raised to $37 from $36 at BMO Capital

BMO Capital raised the firm’s price target on Bank of America to $37 from $36 and keeps a Market Perform rating on the shares. The firm noted the company’s Q1 top-line beat as higher than previously modeled non-interest income more than offsets higher expected credit provisions, the analyst tells investors in a research note. BMO adds that the bank’s elevated operating expenses should also decline sequentially throughout the year, as seasonally higher payroll costs fade.