Wells Fargo raised the firm’s price target on Bank of America to $44 from $40 and keeps an Overweight rating on the shares. The firm also nudges Q1 EPS higher owing to better than previously estimated capital markets, partially offset by FDIC charge. While net interest income remains a headwind, Wells expects a mid-year inflection that along with solid credit and expense management should keep 2024 ROTCE about 13%.
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