Bank of America price target raised to $60 from $56 at Wells Fargo

Wells Fargo raised the firm’s price target on Bank of America (BAC) to $60 from $56 and keeps an Overweight rating on the shares. The firm is increasing estimates for 5 big banks given its conviction of the direction of change. Wells’ forward EPS numbers seem too low, and the firm would rather get closer to what’s likely ahead “even if we may need more tweaks around 3Q25 earnings.” What’s taken place is that capital markets seem to be trending closer to Wells’ bull case path even while the economy remains merely on its base case path. In short, the firm sees results ahead as somewhat a repeat of the past couple quarters where the upside surprises were primarily at the biggest banks – “Goliath is Winning.”