Company Update (NYSE:BAC): Bank Of America Corp To Collaborate With Facebook Inc
Bank of America Corp (NYSE:BAC) announced it is working with Facebook Messenger to deliver capabilities to help clients stay connected to their finances whenever and wherever they choose. The announcement is being made in conjunction with the Messenger Platform launch at Facebook’s F8 developer conference.
The bank is among the first to be working with Facebook Messenger as it continually seeks new ways to engage clients beyond traditional channels like email. Initial capabilities being pursued would enable clients to receive important real-time alerts and communications from Bank of America through the Messenger Platform.
“As one of the first banks collaborating with Facebook Messenger, Bank of America sees tremendous potential in connecting our financial services expertise with Messenger to deliver enhanced access, convenience and value for our clients,” said Michelle Moore, head of Digital Banking at Bank of America. “We want to serve clients wherever and whenever they choose, and Messenger is a perfect complement to our connected banking proposition through 2016 and beyond.” (Original Source)
Shares of Bank of America are currently trading at $13.31, up $0.34 or 2.58%. BAC has a 1-year high of $18.48 and a 1-year low of $10.99. The stock’s 50-day moving average is $13.24 and its 200-day moving average is $15.09.
On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on April 7, J.P. Morgan analyst Vivek Juneja maintained a Buy rating on BAC, with a price target of $16, which represents a potential upside of 23.1% from where the stock is currently trading. Separately, on April 6, Barclays’ Jason Goldberg reiterated a Hold rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vivek Juneja and Jason Goldberg have a total average return of 13.3% and 1.9% respectively. Juneja has a success rate of 60.6% and is ranked #446 out of 3787 analysts, while Goldberg has a success rate of 56.1% and is ranked #1228.
The street is mostly Bullish on BAC stock. Out of 12 analysts who cover the stock, 8 suggest a Buy rating , 3 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $16.50, which represents a potential upside of 26.9% from where the stock is currently trading.