Bank of America Corp (NYSE:BAC) reported upbeat results for the first quarter, a solid start to the earnings season by banking majors.

RBC Capital Markets On Bank of America

Analyst Gerard Cassidy maintained an Outperform rating while raising the price target from $34 to $35.

Bank of America’s “core business of gathering deposits and levering the deposit growth with loans led to strong year-over-year net interest revenue growth, but it was partially offset by weaker investment banking results,” Cassidy said in a note.

“BAC's interest sensitive balance sheet along with rising interest rates drove a strong increase in its NIM,” the analyst stated. “Credit quality remained strong in all of its businesses,” he added.

Oppenheimer On Bank of America

Analyst Chris Kotowski reiterated an Outperform rating and price target of $47.

“The mix of a higher rate environment alongside stronger than expected trading helped drive revenues up 13% Y/Y against expenses only 6%, thus placing BAC's embedded operating leverage on full display (and marking the seventh quarter in a row now),” Kotowski wrote in a note.

“Reported net interest income was down 1.5% Q/Q but, adjusted for a 2.2% day count headwind, it was slightly higher,” he added.

Check out other analyst stock ratings.

Keefe, Bruyette & Woods On Bank of America

Analyst David Konrad reaffirmed an Underperform rating while raising the price target from $28 to $29.

Bank of America delivered a “solid” quarter, with the beat driven “largely by capital markets, as the $0.03 beat in NII was offset by higher expenses,” Konrad said.

The net interest income upside in the quarter was “mostly due to bond premium amortization reducing from $210M last quarter to a low level of $34M, due to which the beat is “not expected to hold,” he added.

BAC Price Action: Shares of Bank of America had declined by 2.13% to $29.91 at the time of publication Wednesday.

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