Phillip Securities has upgraded its rating for Bank of America (BAC, Financial) from "Accumulate" to "Buy," while adjusting the stock's price target to $45, down from a previous target of $50. This decision, according to the firm, reflects the bank's recent share performance, which has prompted a more optimistic outlook.
Bank of America is anticipated to experience several growth catalysts heading into fiscal 2025. Key drivers include an expected increase in net interest income as fixed assets are repriced and loan growth begins to recover. Additionally, the firm points to a projected rise in wealth management fees, driven by heightened activity in the capital markets. Moreover, the bank's global markets revenue is expected to benefit from increased market volatility, further supporting its financial performance.
These factors, combined, present a positive outlook for Bank of America's future growth and profitability, underpinning Phillip Securities' revised investment stance.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 22 analysts, the average target price for Bank of America Corp (BAC, Financial) is $47.27 with a high estimate of $57.00 and a low estimate of $33.90. The average target implies an upside of 26.63% from the current price of $37.33. More detailed estimate data can be found on the Bank of America Corp (BAC) Forecast page.
Based on the consensus recommendation from 25 brokerage firms, Bank of America Corp's (BAC, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Bank of America Corp (BAC, Financial) in one year is $43.38, suggesting a upside of 16.21% from the current price of $37.33. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Bank of America Corp (BAC) Summary page.
