Bank of America (NYSE:BAC) is one of the largest financial institutions in the United States, offering a wide range of banking and investment services. It competes with other major banks like JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS). The company's stock performance is often a focus for investors, especially following analyst updates and earnings reports.
On July 14, 2026, analyst firm Jefferies reiterated its "Buy" rating for Bank of America when the stock price was $60.52. This positive outlook is supported by the bank's strong second-quarter performance. The company's revenue increased by about 15% year-over-year to $31.56 billion, surpassing Wall Street's estimate of $30.8 billion.
Jefferies also increased its price target on Bank of America to $75 from a previous $70. This confidence is backed by the company's impressive earnings. Earnings per share grew 34% to $1.21, which was higher than the projected $1.13. The bank's total net income also saw a significant 27% increase, reaching $9.1 billion.
The bank's profitability metrics show strong performance. Bank of America achieved a 17% return on average tangible common equity. This financial ratio measures how well a company generates profits from the money shareholders have invested. This result is well within the company's target range, indicating efficient use of its capital.
Following the strong earnings report, Bank of America's stock price hit a new 52-week high of $61.21. As highlighted by Seeking Alpha, the stock is trading at 1.5 times its price-to-book value, which compares its market price to its value on the balance sheet. This valuation is above its three-year average.
