Analyst Upgrades BAC Stock, Targets 32% Upside

BAC stock is up more than 13% so far this year

Jun 18, 2019 at 10:05 AM
facebook X logo linkedin

Bank of America Corp (NYSE:BAC) stock is up 0.1% at $27.83, after BMO upgraded the financial stock to "outperform" from "market perform," saying valuations and consensus estimates "look too low." The brokerage firm maintained its $37 price target, which represents a 32.4% premium to last night's close.

Heading into today, analyst sentiment toward BAC stock was mixed, with eight brokerages maintaining a "buy" or better rating, compared to eight tepid "holds." However, the average 12-month price target of $33.37 is a nearly 20% premium to current trading levels.

In the options pits, meanwhile, Bank of America stock's 10-day put/call volume ratio of 0.45 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 91st annual percentile. So, while calls have outpaced puts on an absolute basis, the rate of put buying relative to call buying has been accelerated.

Looking at BAC's chart, the bank stock rallied off its late-December lows alongside the broader equities market, finding its way to a seven-month high of $31.17 by April 29. Any pullbacks in 2019 have found a floor in the $26.50-$27.00 neighborhood, home to the equity's pre-bull gap levels from mid-January, with Bank of America shares currently boasting a 13.5% year-to-date lead.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI