Convinced on cost savings, Evercore boosts BofA estimates

|About: Bank of America Corporation (BAC)|By:, SA News Editor

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.