Evercore ISI lowered the firm’s price target on Bank of America (BAC) to $59 from $63 and keeps an Outperform rating on the shares. While the quarter showed progress, shares dipped 4%-5% as investors reacted to tax-related changes that muddied operating leverage expectations for 2026 and the market “seemed irked” by the accounting adjustments which, while improving the efficiency ratio on paper, offered no tangible earnings benefit, the analyst says after earnings.
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