- The stock price of Bank of America Corp (NYSE: BAC) has received a price target increase from $41 to $44 by Oppenheimer. This is why it happened.
The stock price of Bank of America Corp (NYSE: BAC) has received a price target increase from $41 to $44 by Oppenheimer. And Oppenheimer analyst Chris Kotowski is maintaining an “Outperform” rating on the shares.
Bank of America had reported its Q4 2020 earnings on January 19 before the markets opened. And the company beat analyst estimates in terms of earnings.
Bank of America had reported revenue at $20.2 billion and earnings were $10.3 billion, down 16% year-over-year, largely due to lower interest rates. For the full year 2020, Bank of America reported $85.5 billion in revenue compared to $91.2 billion the year before.
“During 2020, we witnessed the dramatic effects of the health crisis on the economy and our company’s operations. In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity,” said Bank of America Chairman and CEO Brian Moynihan.
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