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BofA gets first post-earnings upgrade

Oct. 16, 2014 7:08 AM ETBank of America Corporation (BAC) StockBy: Stephen Alpher, SA News Editor5 Comments
  • "Given drastically reduced litigation expenses going forward, we think the core earnings power of the company should begin to accrete to existing shareholders, allowing book value growth at a company that has struggled to grow TBV since the crisis," says FBR's Paul Miller, upgrading Bank of America (NYSE:BAC) to Outperform, with price target lifted to $20 from $18.
  • On target cost savings, he says, has proven management's ability to execute its strategy to improve shareholder returns, and he sees the possibility for 2015 EPS to exceed his $1.60 estimate.
  • Previous earnings coverage
  • Shares -1.8% premarket as broad markets are set for another tough day.

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