Oppenheimer has a Positive Outlook on Bank of America (BAC)

Bank of America Corporation (NYSE:BAC) is one of the best dividend stocks to buy according to hedge funds. On November 19, Chris Kotowski, an Oppenheimer analyst, reiterated a Buy recommendation on BAC. The price target was set at $55.

In a November 5 report by Fortune, it was revealed that Bank of America’s yearly expenditure has risen by 44% over the course of the last ten years, reaching $4 billion in 2025. The increase in spending stemmed from new tech initiatives, notably the adoption of artificial intelligence within the bank.

Oppenheimer has a Positive Outlook on Bank of America (BAC)

Pixabay/Public Domain

Hari Gopalkrishnan, BAC’s chief technology and information officer, mentioned to Fortune:

“We have steadily increased our spend in technology, now up to $13 billion a year, of which $4 billion goes into strategic growth. We leverage across the enterprise, so every dollar you spend gets the maximum bang for the buck, as opposed to sort of being siloed by line of business.”

Gopalkrishnan mentioned that the latest AI products and applications will be scaled and implemented across each of the eight business segments at Bank of America.

Bank of America Corporation (NYSE:BAC) is one of the most popular dividend stocks among hedge funds, with the company boasting 20 years of dividend payouts.

While we acknowledge the risk and potential of BAC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BAC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: Dow 20 Stocks List: Ranked By Hedge Fund Bullishness Index and 10 Unstoppable Dividend Stocks to Buy Now.

Disclosure. None.