In a recent move made by analysts, both Bank of America Corp (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) received a target price update. The rating for Bank of America went from Strong Buy to Buy. In fact, the firm even revised the price objective to $17.76.
The target price for the firm improved from $17 to $18 as per a report released on 21st of July, 2015. There is a differing opinion among the analysts. Oppenheimer has given the firm an outperform rating and has revised the target price to $21. Based on a consensus from the different analysts, the firm has received a buy rating and a target price of $18.65. The firm had released the Q3 earnings for the fiscal year 2015 on the 14th of October. The firm reported earnings per share of $0.37 which is $0.04 higher as against the estimated value of $0.33. The firm reported a quarterly revenue of $20.91 Bn as against the estimated value $20.77 Bn. The firm’s revenue has declined by 2.4% on a year on year basis. According to equity analysts, the firm will post $1.44 earnings per share for this year. The current 50 day moving average and 200 day moving average recorded are $15.81 and $16.58 respectively.
Zacks analysts have updated the short term price target for Wells Fargo & Company (NYSE: WFC). The firm has been given a rating of 3 by the analysts. The average rating, based on the consensus of the different analysts is 1.85, and the firm has been given a strong buy recommendation. The short term price target for the firm has been updated, and is currently recorded at $59.3 per share. The higher price target estimate and lower price target estimate for the company is $65 and $49 respectively. The standard deviation value based on which the estimate will vary is $4.3. Barclays has given the firm an overweight rating. In fact, the analysts at Barclays have lowered the price target from $67 to $65.
The firm performed well at the stock markets on Tuesday. The firm’s shares rose by 0.99% or 0.52 points. The stocks opened at $52.62 before escalating to $53.28 and finally closing at $53.08. The 52 week high and 52 week low for the firm was recorded at $58.76 and $47.75 respectively. The shares have rallied above the one year high price by 4.18%. The 50 day moving average and 200 day moving average for the firm is currently recorded at $51.97 and $55.08 respectively.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments.
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