BMO Capital raised the firm’s price target on Bank of America to $40 from $39 and keeps a Market Perform rating on the shares. The analyst cites the company’s Q3 revenue and credit metrics beat, along with its expectations that net interest income will trough in the first half of 2024. The firm maintains however that it’s too early to buy bank stocks given rate-driven funding risks, regulation-driven capital risks, and macro-driven credit risks.
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