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Thursday, July 20, 2017 6:05:28 PM
Oppenheimer Bullish on Bank of America Corp
https://www.smarteranalyst.com/2017/07/19/oppenheimer-bullish-bank-america-corp-bac-cymabay-therapeutics-inc-cbay-therapeuticsmd-inc-txmd-heres/
Bank of America: Net Interest Income is Only Half the Story
Bank of America Corp (NYSE:BAC) delivered better-than-expected second-quarter results, posting EPS of $0.46 compared to consensus estimate of $0.43. However, net interest income (NII) fell short of expectations, even in the face of rate hikes in March and June.
Oppenheimer analyst Chris Kotowski points out that NII only tells half the story. The analyst highlights three primary influences which factor into the lack of a rise in NII: “(1) BAC sold its UK card business; (2) trading-related NII, which fluctuates considerably, was down $0.2B this quarter which offset a similar increase in consumer banking; and (3) the decline of LT rates during the quarter slightly pressures NIM.”
Overall, Kotowski do not implicate a slowdown. In fact, the analyst expects “the increase in core consumer NII to remain and grow with further rate increases, while the other two factors will likely fluctuate in both directions but overall likely remain steady.”
As such, Kotowski reiterates an Outperform rating on BAC and raised the target price from $29 to $30, noting, “BAC’s revenue growth story remains intact.” (To watch Kotowski’s track record, click here)
TipRanks analytics indicate BAC as a Strong Buy. Out of 10 analysts polled by TipRanks in the last 3 months, 7 are bullish, while 3 remain neutral. The consensus target price stands at $26.30, revealing a 10% upside from current levels.
$BAC
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