Bank of America shares are trading at a 3.1% discount to the July 52-week high, continuing to strengthen since early September. Since the beginning of the year, the emitter’s quotes grew by more than 21%. Shares are supported by the expectation of growth in earnings per share for the current year by 10% amid an increase in the share buyback program and in quarterly dividends.
In the previous week, the stock of Bank of America grew by 2.01%. S&P500 went up by 0.89% within the same period.
If the price consolidates above the resistance level of 30.30, further growth of #BAC quotes is possible. Potential profits should be locked in by orders at 31.30, 32.00, and 33.00. Stop loss – 29.30.
If the price consolidates below the level of 29.30, one may consider selling the company’s stock. The moving potential is aimed at the area of 27.50–26.50. Stop loss – 30.30.
Implementation period: 3 days.
Support and resistance
The emitter shows positive dynamics. Shares of the company updated local maxima. At the moment, #BAC shares are consolidating. Local support and resistance levels are at 29.30 and 30.30, respectively. The instrument has the potential to further growth.
Indicators show the strength of the buyers: the price has consolidated above MA(200), and MACD is in the positive zone. Positions are to be opened from key levels.
Comparing the company’s multiplier with its competitors in the industry, we can say that #BAC shares are neutral.
Support levels: 29.30, 28.45, 27.50.
Resistance levels: 30.30, 31.10.
|Sep-06-19||Downgrade||Keefe Bruyette||Outperform → Mkt Perform||$36 → $29|
|Aug-29-19||Downgrade||Raymond James||Outperform → Mkt Perform|
|Jul-26-19||Upgrade||Keefe Bruyette||Mkt Perform → Outperform||$32 → $36|
|Jun-18-19||Upgrade||BMO Capital Markets||Market Perform → Outperform|
|Apr-30-19||Downgrade||Atlantic Equities||Overweight → Neutral|
|Apr-17-19||Downgrade||Jefferies||Buy → Hold||$32|
|Jan-09-19||Upgrade||UBS||Neutral → Buy|
|Jan-09-19||Upgrade||Edward Jones||Hold → Buy|
|Jan-07-19||Downgrade||Macquarie||Outperform → Neutral|
|Jan-02-19||Reiterated||Barclays||Equal Weight||$37 → $34|
|Jan-09-18||Downgrade||Societe Generale||Buy → Hold|
|Jan-02-18||Reiterated||Barclays||Equal Weight||$28 → $35|
|Nov-30-17||Reiterated||Morgan Stanley||Overweight||$28 → $30|
|Oct-16-17||Reiterated||RBC Capital Mkts||Outperform||$26 → $28|
|Apr-24-17||Downgrade||Berenberg||Buy → Hold|
|Apr-04-17||Downgrade||Citigroup||Buy → Neutral|
|Feb-16-17||Upgrade||Macquarie||Neutral → Outperform|
|Jan-11-17||Upgrade||Societe Generale||Hold → Buy|
Bank of America Corporation, through its subsidiaries, banking and financial products and services, provides individual consumers, small and medium-sized businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, World Enrichment & Investment Management (GWIM), in Global Management Bank and in Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, non-profit and interest-bearing check accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive loans, recreational vehicles, and personal loans to consumers.
As of July 22, 2019, this segment served approximately 4,300 retail financial centers on 66 million consumer and small business clients; 16,600 ATM; and digital banking. GWIM segment gives investment management, brokering, banking, and trust and retirement products; and wealth management solutions that focus on high worth and high net worthiness clients, as well as tailored solutions to accommodate wealth structuring, investment management and client trust and banking requirements, including specialist asset management services. The Global Banking section provides loan products and services, including commercial loans, leases, commitment facilities, trading finance, and property and asset based loans; fund solutions, such as treasury management, foreign exchange, and short-term investment options; working capital management solutions; and debt and equity debt and distribution, and services relating to mergers and other advisory services. The segment of World Markets offers market, funded, securities, settlement, and custody services, as well as risk management, foreign exchange, fixed income, and mortgage-related products. Bank of America Corporation was founded in 1874 and has its headquarters in Charlotte, North Carolina.