Goldman Sachs Bolsters Bank of America Rating to $76 Target
Goldman Sachs has maintained a Buy rating on Bank of America (BAC), with a price target of $76.00, according to a report released yesterday by Richard Ramsden. The company's shares closed at $59.52. Ramsden covers the Financial sector and has an impressive track record, with an average return of 18.4% and a success rate of 77.44% on recommended stocks.
The analyst consensus rating for Bank of America is Strong Buy, with an average price target of $68.64, representing a 15.32% upside from current levels. Morgan Stanley also maintained a Buy rating on the stock with a $67.00 price target. This comes after Bank of America reported a quarterly revenue of $49.39 billion and a net profit of $9.07 billion in its latest earnings release for the quarter ending June 30.
The company's revenue increased by 5.7% compared to last year, while its net profit rose by 27.2%. This indicates a strong financial performance by Bank of America in the second quarter of this year.