Bank of America Corporation (NYSE:BAC) is included among the 14 Cheap DRIP Stocks to Buy Now.
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On March 31, Morgan Stanley lowered its price recommendation on Bank of America Corporation (NYSE:BAC) to $61 from $67. It reiterated an Overweight rating on the shares. The firm said the median bank stock in its coverage has declined about 5% over the past 30 days. It pointed to concerns around the potential impact of the ongoing Middle East conflict on economic growth and inflation, along with pressure from private credit headlines. As a result, Morgan Stanley reduced price targets across the group by about 9% on average, reflecting lower valuation multiples in a higher-risk environment.
A few days earlier, on March 26, Truist analyst John McDonald lowered the firm’s price target on Bank of America to $57 from $60 and maintained a Buy rating. The update came as part of a broader note on regional and universal banks. The analyst said that while sentiment has been weighed down by macro and structural concerns, including war, rates, stagflation, AI displacement, and private credit, recent updates for the quarter have been relatively positive. He also noted that management commentary has sounded constructive for the year ahead.
Bank of America Corporation (NYSE:BAC) operates as both a bank holding company and a financial holding company. Its business is organized into Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets.
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