Bank of America Corporation (BAC) : Analyst Rating Update

Bank of America Corporation (BAC) : 13 brokerage houses believe that Bank of America Corporation (BAC) is a Strong Buy at current levels. 3 Analyst considers the fundamentals to be worthy of a Buy recommendation. 5 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Bank of America Corporation (BAC). Zacks Investment Research suggests a Hold with a rank of 3.The median of all the 21 Wall Street Analysts endorse the stock as a Buy with a rating of 1.62.

Bank of America Corporation (BAC) : Average target price received by Bank of America Corporation (BAC) is $17.77 with an expected standard deviation of $1.79. The most aggressive target on the stock is $20, whereas the most downbeat target is $15. 17 financial analysts are currently covering the stock.

Bank of America Corporation (NYSE:BAC): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $12.52 and $12.45 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $12.92. The buying momentum continued till the end and the stock did not give up its gains. It closed at $12.86, notching a gain of 0.94% for the day. The total traded volume was 94,983,303 . The stock had closed at $12.74 on the previous day.

Also, In the latest statement by the brokerage house, Keefe Bruyette & Woods downgrades its outlook on Bank of America Corporation (NYSE:BAC). The current rating of the shares is Market Perform, according to the research report released by the firm. Previously, the company had a rating of Outperform. The brokerage firm lowers the price target from $17 per share to $16 per share. The rating by the firm was issued on May 16, 2016. The company shares have dropped -21.60% from its 1 Year high price. On Jul 22, 2015, the shares registered one year high at $18.48 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $13.93 and the 200 Day Moving Average price is recorded at $13.96.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries, it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking, which offers a range of credit, banking and investment products and services to consumers and businesses; Consumer Real Estate Services, which provides a line of consumer real estate products and services; Global Wealth & Investment Management, which provides wealth management solutions; Global Banking, which provides a range of lending-related products and services, and Global Markets, which offers sales and trading services.

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