BofA price target lifted at S&P Global on rate hike hope

• The talk out of Jackson Hole increases the chance of a rate hike sometime this year, says S&P Global Market Intelligence's Erik Oja, lifting his price target on Bank of America (BAC +1.5%) to $18 from $16 (current price is $16.09).
• His 2016 EPS estimate is raised to $1.27 from $1.26 and 2017 to $1.43 from $1.40.
• All large U.S. banks should see an immediate benefit from higher rates, with BofA in line for $120M in incremental revenues for each 25 bp rate hike.