Market Overview

Raymond James Initiates Coverage On Bank Of America, PNC And Wells Fargo

Share:

On Tuesday Raymond James resumed coverage on Bank of America Corp (NYSE: BAC), PNC Financial Services Group Inc (NYSE: PNC) and Wells Fargo & Co (NYSE: WFC).

Bank of America: Outperform, $18.00 price target

"While ongoing investments in the franchise, coupled with subdued balance sheet growth, will likely inhibit material profitability improvement in the short to intermediate term, a more streamlined company with declining expenses stemming from the financial crisis should enable more direct control over operating leverage and EPS growth from here."

PNC: Market Perform, price target unavailable.

"We see the potential for negative earnings revisions should higher interest rates not materialize this year...Additionally, expected 1Q15 seasonal fee income and expense headwinds could prove greater than forecast, although ongoing reserve release will be a partial offset. In the intermediate- to longer-term, higher interest rates (PNC is one of the most asset-sensitive banks in our coverage), deeper penetration of its client base and Southeast markets, and benefits from technology investments should drive EPS growth and enhance profitability."

Wells Fargo: Outperform, $61 price target.

"Wells Fargo has distinguished itself with a strong cross-sell culture, conservative underwriting, and a diversified franchise. We believe better-than-peer EPS growth and profitability combined with a lower risk profile warrant a premium P/E and P/TBV multiple to its large-cap bank peers."

All three stocks were trending down on Tuesday morning.

Latest Ratings for BAC

DateFirmActionFromTo
Jan 2021Atlantic EquitiesUpgradesNeutralOverweight
Jan 2021Credit SuisseMaintainsOutperform
Jan 2021Morgan StanleyMaintainsUnderweight

View More Analyst Ratings for BAC
View the Latest Analyst Ratings

 

Related Articles (BAC + PNC)

View Comments and Join the Discussion!

Posted-In: David Long Michael Rose Raymond JamesAnalyst Color Price Target Initiation Analyst Ratings

Latest Ratings

StockFirmActionPT
GNKJefferiesMaintains13.0
TDOCDA DavidsonMaintains275.0
ITRIOppenheimerMaintains127.0
CLHOppenheimerMaintains95.0
TDOCOppenheimerMaintains270.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com