Bank of America Analysts Slash Their Forecasts Following Weak Q3 Results

Benzinga Earnings01:29

$Bank of America Corp(BAC-N)$. (NYSE:BAC) on Wednesday reported disappointing third-quarter 2026 results.

Net income declined to $6.9 billion from $8.3 billion a year earlier, while earnings per share came in at 91 cents. Adjusted earnings of $1.08 per share missed the analyst consensus estimate of $1.11.

Revenue, net of interest expense, rose 3% year over year to $29.96 billion but fell short of Wall Street’s estimate of $30.69 billion.

Consumer Banking net income rose to $3.52 billion from $3.44 billion a year earlier. Global Wealth and Investment Management earnings climbed to $1.54 billion from $1.27 billion.

However, Global Banking net income declined to $1.99 billion from $2.09 billion, while Global Markets earnings fell to $1.24 billion from $1.65 billion.

Bank of America shares rose 1% to trade at $51.90 on Thursday.

These analysts made changes to their price targets on Bank of America following earnings announcement.

  • Evercore ISI Group analyst Glenn Schorr maintained the stock with an Outperform rating and lowered the price target from $62 to $57.
  • TD Cowen analyst R. Scott Siefers maintained the stock with a Hold and cut the price target from $60 to $56.
  • Wells Fargo analyst Mike Mayo maintained the stock with an Overweight rating and lowered the price target from $69 to $64.
  • Barclays analyst Jason Goldberg maintained the stock with an Overweight rating and lowered the price target from $72 to $68.
  • RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and lowered the price target from $65 to $60.
  • Morgan Stanley analyst Betsy Graseck maintained the stock with an Overweight rating and lowered the price target from $67 to $61.

Considering buying BAC stock? Here’s what analysts think:

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