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Day By Day Remains Bullish on Bank of America Corp (NYSE:BAC)

Day By Day Remains Bullish on Bank of America Corp (NYSE:BAC)
Written by
Jim Bloom
Published on
October 10, 2014
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In a note issued to investors this week, Day by Day Research indicated that they are remaining bullish on Bank of America Corp (NYSE:BAC). The company has a price target of $18.80 on the equity and placed their invalidation level at $16.50. The firm has a positive short term and medium term perspective on the stock as the moving average acts as support. Taking a look at the company’s recent performance, Bank of America Corp (BAC) reported second quarter earnings for fiscal 2014 on July 16th. The company reported actual earnings per share of $0.48 against the consensus Street estimate of $0.30. This represents year over year growth of 21.95%. Bank of America posted revenue of $21.96 billion against estimates of $21.69 billion.Bank of America is currently valued at $178.87 billion and closed the last trading session at $16.51. The stock has a 50-day moving average of $16.25 and a 200-day moving average of $15.85.

Bank of America Corp (NYSE:BAC)

Is this a Buying Opportunity?There are currently twenty one analysts that we track that cover the stock. Of those twenty one, fourteen have a Buy rating and seven have a hold rating. On a consensus basis this yields a score of 2.67 and a Buy. The combined price objective of these covering analysts is $17.65, which represents a 3.76% upside difference to the last closing price.The most recent analyst activity consisted of RBC Capital reiterating their outperform stance on the company. RBC Capital has a price target of $19 which represents an upside of 11.17% from the last closing price. On the date of the report, the stock closed at $17.09.Another research firm weighing in recently was Goldman Sachs who also reiterated their rating on the stock. On September 8th Goldman Sachsupgraded their price target on the stock from $17 to $19, or an 11.70% upside to the current price. On the day of the report, BAC shares closed at $16.35.Company ProfileBank of America Corporation (NYSE:BAC), through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally. The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions.

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