Stocks Analysis by Investing.com (Damian Nowiszewski) covering: Bank of America Corp, Bank of New York Mellon. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
The decline in interest income is a common denominator despite the positive performance.The Q2 earnings season kicked off with a bang, with most major banks exceeding analyst expectations for both earnings per share and revenue. This positive performance has the potential to extend the sector's upward trend.
This 7% jump extended the stock's upward trend. However, a potential correction may be brewing, with the first price target around $61 supported by the upward trend line. In the case of BofA, the potential for a continuation of the northward movement is also maintained, and implies an approach at least in the vicinity of $52, which would mean breaking out of new historical maximums.Analysts see continued upside for BofA, with a potential climb toward $52, which would break new historical highs. The fair value index also supports this bullish outlook.
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