Evercore ISI lowered the firm’s price target on Bank of America (BAC) to $51 from $53 and keeps an Outperform rating on the shares. BofA “rounded out 2024 with a decent quarter and strong 2025 outlook featuring characteristic steady revenue growth,” though this was coupled with “less characteristic expense growth,” which the firm thinks sent shares slightly lower while peers rose, the analyst tells investors. The firm lowered its FY25 EPS view to $3.60 from $3.81 and 2026 EPS to $4.52 from $4.78 as it now expects more expense pressure than previously anticipated.
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