Benzinga10h ago

Bank of America posts record Q2 earnings; RBC lifts price target to $65 on steeper yield-curve outlook

Bank of America (BAC) reported record second-quarter results, with revenue of $31.6 billion (+15% year on year), net income of $9.1 billion (+27%), and EPS of $1.21 (+34%). Net income rose at a double-digit pace across all business lines, led by a 72% increase in Global Markets. RBC analyst Gerard Cassidy reiterated an Outperform rating and raised his price target to $65 from $59, citing the bank’s low-cost deposit base as a key advantage as the yield curve steepens.

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