Baird Upgrades Bank of America to Outperform as Truist Cuts Target to $58
Baird raised its rating on Bank of America shares to Outperform, while Truist lowered its price target to $58 from $62 and kept a Buy rating. Both moves came on October 15.
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what happened
Baird kept its price target on Bank of America shares at $62 per share and upgraded the stock to Outperform from Neutral. Both changes were recorded at 22:38 GMT.
Later, at 22:52 GMT, Truist Securities cut its price target on Bank of America shares to $58 from $62 and maintained a Buy rating.
why it matters
Two major brokers reached different conclusions about the same bank within fourteen minutes. Truist's $4 target cut shows some analysts are revising their valuation lower, while Baird takes a more positive view of the shares. Investors often track such revisions as a gauge of sentiment around the bank's stock.
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