Bank of America price target lowered to $50 from $53 at Truist

Truist lowered the firm’s price target on Bank of America (BAC) to $50 from $53 and keeps a Buy rating on the shares as part of a broader research note on Financials previewing Q1 results. The analyst notes that prior to Wednesday’s tariff announcement, the firm had expected negative EPS revisions of 2%-4%, but is now looking for deeper EPS cuts as analysts incorporate lower rates, slower growth and higher provisions into their models. Truist adds that while sell-side EPS estimates are unlikely to incorporate full-fledged recession as their base case, the debate about recession odds should continue to take place in bank stock valuation multiples rather than in estimate revisions.