Bank of America Gets a Buy Rating from Vining Sparks

By Jason Carr

In a report released today, Marty Mosby from Vining Sparks initiated coverage with a Buy rating on Bank of America (NYSE: BAC) and a price target of $35. The company’s shares opened today at $29.93.

Mosby commented:

“Bank of America’s strong fundamental earnings momentum & the impact of tax reform continues to validate our expectations for 45% earnings growth in 2018E. We would also highlight that this strong earnings momentum has improved Bank of America’s ROTCE by over 3 full percentage points in 1Q’18 and should improve its ROTCE by over another full percentage point by the end of 2018E. Therefore, we believe Bank of America’s price-to-tangible book value should improve towards 195%, suggesting over 15% upside potential.”

According to TipRanks.com, Mosby is a top 25 analyst with an average return of 16.9% and a 79.2% success rate. Mosby covers the Financial sector, focusing on stocks such as Huntington Bancshares Inc, Goldman Sachs Group Inc, and Fifth Third Bancorp.

Currently, the analyst consensus on Bank of America is Strong Buy and the average price target is $35.38, representing a 18.2% upside.

In a report issued on April 4, KBW also reiterated a Buy rating on the stock with a $35 price target.

The company has a one-year high of $33.05 and a one-year low of $22.07. Currently, Bank of America has an average volume of 76.5M.

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