Oppenheimer Believes Bank of America (NYSE: BAC) Still Has Room to Grow

Oppenheimer analyst Chris Kotowski assigned a Buy rating to Bank of America (BACResearch Report) today and set a price target of $45.00. The company’s shares closed last Wednesday at $39.88, close to its 52-week high of $40.38.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 17.5% and a 68.4% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management, Focus Financial Partners, and JPMorgan Chase & Co.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Bank of America with a $39.61 average price target, a 1.6% upside from current levels. In a report issued on April 1, Deutsche Bank also maintained a Buy rating on the stock with a $44.00 price target.

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Based on Bank of America’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $20.69 billion and net profit of $5.47 billion. In comparison, last year the company earned revenue of $22.35 billion and had a net profit of $6.99 billion.

Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BAC in relation to earlier this year.

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Bank of America Corp. provides banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The company was founded by Amadeo Peter Giannini in 1904 is headquartered in Charlotte, NC.