Bank of America upgraded to Outperform at Wolfe as NII inflection nears

seekingalpha04-19

Wolfe Research upgraded Bank of America (NYSE:BAC) to Outperform from Peer Perform as banks that have been "under-earning" their peers in the rising rate environment approach an inflection point. ...

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Anal","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"BAC":"美国银行"},"translate_title":"随着NII拐点临近，美国银行上调Wolfe股票评级，表现优于大盘","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BAC":1},"content_text":"Wolfe Research upgraded Bank of America (NYSE:BAC) to Outperform from Peer Perform as banks that have been \"under-earning\" their peers in the rising rate environment approach an inflection point. Analyst Steven Chubak has stayed on the sidelines on concerns about valuation and rate upside, which appeared to be fully baked in when he downgraded BofA in October 2021. Constraints on net interest income include Bank of America's (BAC) high concentration of fixed securities, negative deposit remixing, and tepid loan growth compared with its peers, he explained. \"While some of these NII pressures should persist in a higher-for-longer rate backdrop, with BAC’s 1Q24 results reflecting better asset repricing trends (both securities and loan yields), we believe that we’re now approaching the point of NII inflection where 'under-earning' banks including both BAC and SCHW [Charles Schwab] should post stronger gains following multiple years of underperformance,\" Chubak wrote in a note to clients. Bank of America (BAC) stock rose 0.8% in Friday premarket trading. The Outperform rating contrasts with the SA Quant rating of Hold, and aligns with the average SA Analyst rating and average Wall Street rating, both at Buy.  More on Bank of America  Bank of America: Seize The Opportunity Before It's Gone Bank of America: Keep Your Focus On The Total Picture Bank of America Corporation 2024 Q1 - Results - Earnings Call Presentation Bank of America Q1 earnings top consensus, aided by investment banking rebound","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428655470"}