Jefferies Reiterates Buy On Bank Of America Corp (BAC) Following Meeting With CEO
In a research report released today, Jefferies analyst Ken Usdin reiterated a Buy rating on shares of Bank of America Corp (NYSE:BAC) with a price target of $21, which represents a potential upside of 31% from where the stock is currently trading. The report follows a meeting between the analyst and CEO Brian Moynihan. Along with the market, Bank of America shares are trading up 2.36% to $16.02, as of 12:47 p.m. EDT today.
Usdin noted, “The US economy is faring reasonably well, while int’l. jitters seemed to help markets-related businesses in summer. BAC remains intent on managing core expenses to be flat (incl. investments). The earnings trajectory has improved and should continue to, if the macro delivers and rates provide the kicker. We like BAC due to its path to improved profitability, demonstrated cost control, and cleaner capital return story.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ken Usdin has a total average return of 8.3% and a 71.4% success rate. Usdin has an 1.6% average return when recommending BAC, and is ranked #507 out of 3747 analysts.
Out of the 19 analysts polled by TipRanks, 15 rate Bank of America stock a Buy, 2 rate the stock a Hold and 2 recommend Sell. With a return potential of 19.8%, the stock’s consensus target price stands at $19.19.