Oppenheimer Believes Bank of America (BAC) Won’t Stop Here


Oppenheimer analyst Chris Kotowski assigned a Buy rating to Bank of America (BAC) today and set a price target of $41.00. The company’s shares closed last Friday at $33.01, close to its 52-week high of $35.45.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 12.4% and a 67.5% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management, Focus Financial Partners, and New Mountain Finance.

Currently, the analyst consensus on Bank of America is a Moderate Buy with an average price target of $35.65, implying a 7.1% upside from current levels. In a report issued on January 4, Barclays also maintained a Buy rating on the stock with a $39.00 price target.

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Based on Bank of America’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $20.34 billion and net profit of $4.88 billion. In comparison, last year the company earned revenue of $22.81 billion and had a net profit of $5.78 billion.

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses. The Global Wealth and Investment Management provides client experience through a network of financial advisors focused on to meet their needs through a full set of investment management, brokerage, banking, and retirement products. The Global Banking segment deals with lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services. The Global Markets segment includes sales and trading services, as well as research, to institutional clients across fixed-income, credit, currency, commodity, and equity businesses. The All Other segment consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.

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