Bank of America price target raised to $38 from $36 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on Bank of America to $38 from $36 and keeps a Neutral rating on the shares. While sentiment was negative heading into its earnings, Horowitz was surprised to see Bank of America’s stock outperform on the earnings report given the downside to its EPS consensus revisions. As Horowitz expected, however, Back of America guided to a step down in its first quarter net interest income and he expects consensus estimates to similarly come down significantly.