Bank of America (BAC) PT Raised to $46 at Evercore ISI

Evercore ISI analyst Glenn Schorr raised the price target on Bank of America (NYSE: BAC) to $46.00 (from $43.00) while maintaining a Outperform rating.

The analyst comments "Shares of BAC popped over 5% as investors got a better feel for how NII could expand in 2025 plus some constructive commentary on IBanking, capital return & expense control. Previously, mgmt. called for a decent pick-up in NII via modest loan & deposit growth and better NIM on securities reinvestment, minimal expense growth, and healthy capital return but it felt the post 2Q discussion painted a more convincing story. We think the NII waterfall showing how we get from $13.9bn in NII to ~$14.5bn by 4Q24 helps investors get comfortable with all the components pushing and pulling on NII, especially during what Alastair called a “foundational year” with many factors at play. Outside of the commercial banking picture, fee businesses across GWIM, Global Banking, and Global Markets picked up and showed off how BofA can drive earnings growth outside of retail banking in high margin businesses (25%, 44%, 36% pre-tax margins, respectively)."

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