- Seeing credit costs remaining lower for longer and more confidence about expense savings falling to the bottom line, analyst Andrew Marquardt lifts his EPS estimates and price target on Buy-rated Bank of America (BAC) following yesterday's earnings.
- 2013 EPS is lifted to $1 from $0.91, 2014 to $1.36 from $1.30, 2015 to $1.63 from $1.52. The price target is raised to $17 from $16.
- Pressed on cost savings by Mike Mayo during the CC yesterday (transcript), CFO Bruce Thompson confirmed the bank has already achieved about $1.4B of $2B of quarterly expense cuts promised by management (by mid-2015). Thompson also confirmed his expectation for this number to directly boost the bottom line.
Convinced on cost savings, Evercore boosts BofA estimates
Oct 17 2013, 08:37 ET