Oppenheimer Believes Bank of America (NYSE: BAC) Still Has Room to Grow

By Ryan Adsit

Oppenheimer analyst Chris Kotowski assigned a Buy rating to Bank of America (NYSE: BAC) today. The company’s shares closed yesterday at $25.45, close to its 52-week high of $26.30.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 11.2% and a 70.2% success rate. Kotowski covers the Financial sector, focusing on stocks such as Great Elm Capital Corporation, Apollo Global Management LLC, and Fidus Investment Corporation.

Currently, the analyst consensus on Bank of America is Moderate Buy and the average price target is $27.42, representing a 7.7% upside.

In a report issued on October 3, KBW also reiterated a Buy rating on the stock with a $29 price target.

Based on Bank of America’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $25.62 billion and quarterly net profit of $5.27 billion. In comparison, last year the company earned revenue of $23.5 billion and had a net profit of $4.96 billion.

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock.

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