Daiwa analyst Kazuya Nishimura raised the firm’s price target on Bank of America to $39 from $37.50 and keeps an Outperform rating on the shares. Earnings have been solid for the major banks and the investment banking market is recovering, the analyst tells investors in a research note. The firm says that while credit costs are rising, they are likely to peak soon. It has a Positive rating on the U.S. major banks with eye toward rate cuts. Assuming a “soft landing,” the shares look attractive, says Daiwa.
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