Bank of America price target lowered to $47 from $53 at Argus

Argus analyst Stephen Biggar lowered the firm’s price target on Bank of America (BAC) to $47 from $53 and keeps a Buy rating on the shares after its Q1 results. The quarter included a 4% rise in average loans year over year, and a continued sequential improvement in net interest income, while the company’s trading revenues were strong given volatile markets, the analyst tells investors in a research note. Argus adds however that a rebound in investment banking fees is likely to be pushed out as tariff-related market turmoil delays deal activity.