Analysts are bullish on Bank of America
Wall Street analysts have been bullish on Bank of America (BAC) due to prospects of an interest rate hike and cheap valuations. In a Bloomberg survey of 38 analysts, 29 assigned a “buy” rating to BAC, while nine have rated it a “hold.” The stock currently doesn’t have any “sell” ratings.
The table above lists the 38 brokerage companies that have provided their ratings and price targets for BAC for the next 12-month period. BAC has a consensus target price of $17.3, which implies a one-year upside potential of 34%.
Punto Casa de Bolsa and Vining Sparks have assigned one-year price targets of $14 and $15, respectively, for Bank of America. These are the company’s lowest targets, implying a return potential of 8% and 15% from the stock’s closing price of $3.01. Guggenheim Securities, Drexel Hamilton Buckingham Research Group, Oppenheimer & Co, and FBR Capital Markets have one-year price targets of $20. These targets are the most bullish on Bank of America, implying return potentials of ~54% over the next 12-month period.
Nomura (NMR), Credit Suisse (CS), and Morgan Stanley (MS) have one-year price targets of $19, $18, and $17, respectively, which imply return potentials of 46%, 38%, and 30%, over the next 12-month period.