Bank of America shares declined in premarket trading despite reporting a 15% year-over-year revenue jump to $31.56 billion, surpassing Wall Street estimates. Earnings per share grew 34% to $1.21, beating the projected $1.13 for the second quarter. Despite the stock's fall, Jefferies reiterated a 'Buy' rating and raised its price target to $75. These strong earnings from major U.S. banks are helping to dismantle bearish outlooks for the U.S. economy.
CEO Brian Moynihan highlighted consumer spending strength following Q2 results, emphasizing AI's role in driving the bank's future operational efficiency.
Read the full storyBank of America beat Q2 estimates with $1.21 EPS as net income surged 27% to $9.10 billion, prompting a price target hike.
Strong results from five major lenders are dismantling the bearish case for the US economy, even as BAC shares slipped post-earnings.
Bank of America shares declined premarket despite a significant revenue jump, suggesting market expectations may have outpaced the reported growth.