Truist Increases PT on Bank of America to $53, Maintains Buy Rating On the Stock

Bank of America Corporation (NYSE:BAC) is one of the 12 Best Stocks to Invest in for Good Returns. On July 9, Truist increased the price target on Bank of America Corporation (NYSE:BAC) from $51 to $53, maintaining its Buy rating on the stock.

John McDonald from Truist Financial made the price upgrade on BAC ahead of the Q2 2025 release. The analyst pointed out that the recessionary fears that fueled the steep sell-off before the last quarter’s results mostly played out in multiples, as did the subsequent rebound.

Truist Increases PT on Bank of America to $53, Maintains Buy Rating On the Stock

Pixabay/Public Domain

McDonald expects Bank of America’s net interest income to be higher, though its net interest margins are likely to stay flatter compared to Q1 2025. The company posted net income of around $7.4 billion in Q1, up by 11% year-over-year. Whereas the net interest income soared 3% year-over-year.

Bank of America Corporation (NYSE:BAC) is a bank holding company and a financial holding company.

While we acknowledge the potential of BAC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BAC and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.