TD Cowen keeps Hold on Bank of America with $56 target
TD Cowen kept its Hold rating on Bank of America with a $56 target, implying about 9% upside from the October 14 close. Weak fee revenue keeps the firm cautious.
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what happened
TD Cowen analysts kept their Hold rating on Bank of America shares and set a price target of $56. That level implies roughly 9% upside from the October 14 close of $51.39.
The analyst note points to strong growth in net interest income. The bank raised its 2026 outlook, and the firm expects that income to keep growing by more than 8% into 2027. In its view, this gives earnings a solid base, even though fee revenues remain a weak spot.
The caution comes from the latest earnings report, which showed fee revenues below expectations, especially in market making, where revenue fell sharply. For that reason, TD Cowen stopped short of moving to a more positive rating.
why it matters
For markets, the Hold rating and target suggest limited upside until it becomes clearer whether the bank's trading revenues can recover. Earnings durability will depend on how net interest income and fee income balance out.
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