Bank of America Gets a Buy Rating from Renaissance Macro Securities LLC

By Austin Angelo

In a report released today, Howard Mason from Renaissance Macro Securities LLC assigned a Buy rating to Bank of America (NYSE: BAC), with a price target of $32. The company’s shares opened today at $26.26.

Mason said:

“We are raising our 12-month PT for BAC from $29 to $32 as the return-on-tangible-equity (ROTE), likely just over 11% for FY2017, increases to near 14% by 2019. Key drivers are: 1. Operating leverage as the net interest margin expands with rising short rates and expenses are held flattish at the 2018 target of $53bn.”

According to TipRanks.com, Mason is a 4-star analyst with an average return of 19.8% and a 85.7% success rate. Mason covers the Financial sector, focusing on stocks such as American Express, JP Morgan Chase, and Wells Fargo.

Bank of America has an analyst consensus of Moderate Buy, with a price target consensus of $28.42.

Based on Bank of America’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $25.38 billion and quarterly net profit of $5.59 billion. In comparison, last year the company earned revenue of $23.5 billion and had a net profit of $4.96 billion.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.