- Bank of America Corp (NYSE: BAC) has received a price target increase from $33 to $39 by Barclays. These are the details.
Bank of America Corp (NYSE: BAC) has received a price target increase from $33 to $39 by Barclays. And Barclays analyst Jason Goldberg is maintaining an “overweight” rating on the shares.
In a research note via TheFly, Goldberg said that the bank outperformance may continue, largely driven by its rebound in earnings, continued tangible book value growth, and multiple expansion. And Goldberg cited over 50% earnings growth over the next two years, which is ahead of consensus. This reflects a decline in loan loss provisions and an acceleration of share repurchases.
Goldberg is not the only analyst who increased the price target on Bank of America recently. Deutsche Bank analyst Matt O’Connor increased the price target of Bank of America from $30 to $35. O’Connor is also bullish on the overall bank group into 2021.