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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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.