BANK OF AMERICA STOCKS RISE ON RATING UPGRADES
Bank of America’s stock is currently trading at 28.58-higher by 2.31% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.36%. The stock has continued gaining after the opening bell.
Investment bank BMO Capital upgraded the company’s stock to outperform from market perform. BMO Capital upgraded its rating as it believes the consensus estimates for the company are too low. The investment bank, however, maintained its price target at $37 which is 33% higher than the stock’s Monday closing price ($27.93).
BMO said that the company offers above-average capital-adjusted growth at a valuation multiple which is 15% below the historical average. Bank of America is scheduled to report its second-quarter earnings on 16th July. Stocks of the company have fallen 6.3% over the last three months.
On the technical front, the RSI is currently at 54.71% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- STOP BUY AT 28.60 TAKE PROFIT AT 28.80 STOP LOSS AT 28.50