Banking, finance, and taxes
BofA Raising Targets on Regional Banks After QE3 (BAC, USB, WFC, PNC, FRC, SBNY, SUSQ)
Published:
Last Updated:
Bank of America Corp. (NYSE: BAC) is issuing coverage updates on the U.S. regional banking sector, with price target upgrades as it is “mining the melt-up” seen in the rise in bank stock prices.
Bank of America is rolling forward its P/E and price-to-tangible-book-value expectations to reflect forward earnings and to reflect expected tangible book values for 2013.
U.S. Bancorp (NYSE: USB) is still a Buy and saw its price target raised from $35 to $37.
Wells Fargo & Co. (NYSE: WFC) is still a Buy and saw its price target raised from $36 to $38.
PNC Financial Services Group Inc. (NYSE: PNC) is still a Buy and saw its target raised from $66 to $68.
First Republic Bank (NYSE: FRC) is still a Buy and saw its target raised from $36 to $38.
Signature Bank (NASDAQ: SBNY) is still a Buy and saw its target raised from $68 to $71.
Susquehanna Bancshares Inc. (NASDAQ: SUSQ) is still a Buy and saw its target raised from $12 to $12.50.
The report noted:
Both the KBW Banks Index (BKX) and the KBW Regional Banks Index (KRX) have broken above important resistance levels just as the Federal Reserve has announced another round of quantitative easing (QE3). In our view, this supports the case for additional short-term upside in the large-cap and regional banks.
Read Also: How QE3 Is Helping America’s Safest Banks
JON C. OGG
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.