Nov 8, 2024, 12:00 AM
Nov 8, 2024, 12:00 AM
Analyst Upgrades Bank of America Amid Regulatory Changes
- Citi analyst Keith Horowitz raised the price target for Bank of America shares from $46 to $54.
- The valuation of Bank of America is significantly favorable when compared to JPMorgan Chase.
- Analysts expect Bank of America could benefit from lighter regulations, leading to potential increases in share value.
On November 8, 2024, Citi analyst Keith Horowitz announced an upgrade for Bank of America from neutral to buy, setting a new target price of $54. The upgrade reflects an attractive risk/reward scenario for Bank of America’s shares, suggesting they could rise by 21% from the previous close. Analysts have noted that the firm's valuation is favorable compared to competitors like JPMorgan Chase. Furthermore, potential reductions in regulation following the new Trump administration may further enhance Bank of America's performance, as it is considered a low-risk institution. Shares of Bank of America have already experienced a 32% year-to-date increase, indicating strong investor confidence.
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