JPMorgan analyst Vivek Juneja raised the firm’s price target on Bank of America (BAC) to $48 from $43.50 and keeps an Overweight rating on the shares as part of a Q2 preview for the large cap banks. The firm attributes the recent outperformance of the large bank stocks to hope for a continued good economy and regulatory benefits with some reduction in capital requirements. In the near term, JPMorgan expects large bank stocks to remain in a narrow range due to “moderate fundamentals” and above average valuations.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BAC:
- U.S. Bank Stocks Rally on Trump-Driven Market Volatility Ahead of Q2 Earnings
- Bank of America price target raised to $53 from $51 at Truist
- Bank of America price target raised to $57 from $52 at Keefe Bruyette
- Bearish options flow identified in Bank of America with shares down 2.78%
- Kuwait fund sold $3.1B Bank of America stake in block trade, Bloomberg says