Citigroup Rates Bank of America (BAC) buy, $66 Price Target
Analyst Keith Horowitz maintains a buy rating on Bank of America Corporation, setting a $66.00 price target, a 13.42% upside from the current price.
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Citigroup rated Bank of America Corporation ($BAC) "buy" with a $66 price target on June 23, 2026.
Since the rating, $BAC is down 1.6% after 1 week, up 5.8% after 1 month and down 11.1% to date (from the $57.62 close on Jun 23, 2026).
BAC
Bank of America Corporation
Key Points
- Citigroup analyst Keith Horowitz reiterated a buy rating on Bank of America Corporation NYSE: BAC on June 23, 2026, setting a $66.00 price target.
- Citigroup's $66 price target implies 13.42% upside from Bank of America Corporation's ($BAC) current $58.19 share price.
- Bank of America shares recently traded at $58.19, carrying a P/E ratio of 13.39 and offering a 2.22% dividend yield.
- A broader group of wall street firms including Morgan Stanley, RBC Capital, and Barclays maintain positive stances on the bank with a mean analyst target of $68.86.
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Citigroup Reaffirms Outlook on Bank of America
Citigroup analyst Keith Horowitz reiterated a buy rating on Bank of America Corporation NYSE: BAC on June 23, 2026, keeping a $66.00 price target on the financial institution. The updated view arrives as major banks navigate shifting interest rate environments and manage consumer loan portfolios across global markets.
Citigroup vs. the S&P 500
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Bank of America Stock Performance and Valuations
Bank of America shares recently changed hands at $58.19, sitting comfortably above their 200-day moving average of $55.26 and below their 52-week high of $65.23. The banking giant trades at a P/E ratio of 13.39 with a forward P/E of 10.96. Its market capitalization stands near $405.3 billion.
$BAC price target
Bank of America Corporation daily closes and this analyst's $66 target. Not advice.
Recent Earnings and Financial Health
For its recent reporting periods, Bank of America generated $113.9 billion in revenue with a revenue growth rate of 16.8%. The company posted earnings of $4.33 per share alongside a net margin of 29.5% and a return on equity of 11.2%. The firm's next quarterly earnings update is scheduled for October 14, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
6 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 8.6%. Revenue met estimates.
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Profit surprise
Operating income missed by 10 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
6 target raises.
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Earnings quality
Gross margin up 40.5 points. Operating margin up 17.1 points. Positive free cash flow.
Earnings Call Summary
Bank of America delivered strong first quarter results with revenue up seven percent year over year to thirty point three billion dollars and earnings per share up twenty five percent to one dollar and eleven cents. The bank benefited from robust client activity, improved efficiency with operating leverage of two hundred ninety basis points, and stable asset quality with provision expense down to one point three billion. Management highlighted strength across all business segments, particularly in investment banking which was up twenty one percent, equities trading which had its best quarter ever, and wealth management which showed solid client flows and margin improvement.
Guidance Bank of America raised its full year net interest income growth guidance to six to eight percent from prior expectations. The bank expects continued balanced loan and deposit growth to support this outlook, with net interest income already up nine percent year over year in the first quarter. Management noted that net interest income exceeded expectations at fifteen point nine billion dollars.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend and Yield Details
Bank of America pays an annual dividend of $1.28 per share, giving the stock a dividend yield of 2.22%. The payout ratio sits at 25.9% of earnings, leaving room for capital return alongside share repurchases.
Analysts Set New Price Targets
Wall Street firms remain mostly positive on the stock. On October 15, 2026, Citigroup maintained a buy rating with a $60.00 target, while Morgan Stanley kept an overweight rating and a $61.00 target. Truist Securities maintained a buy rating at a $58.00 target, RBC Capital kept an outperform rating with a $60.00 target, Barclays maintained an overweight rating at $68.00, Wells Fargo held an overweight rating at $64.00, TD Cowen maintained a hold rating at $56.00, and Evercore ISI Group kept an outperform rating with a $57.00 target. Across 21 analyst opinions, the stock carries a consensus buy recommendation and a mean price target of $68.86.
Inside Bank of America's Operations
Based in Charlotte, North Carolina, Bank of America provides banking, investing, and asset management services to millions of retail clients, small businesses, and large institutions worldwide through its consumer, wealth management, and global markets divisions. Founded in 1784, it remains a central pillar of the U.S. financial system.
What to Watch at Bank of America Corporation
Investors will look toward the upcoming October earnings release for fresh insights into loan growth, net interest income, and deposit costs. Analyst revisions and broader economic indicators will continue to shape the bank's market trajectory through the remainder of the year.
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Source: Citigroup's rating change on $BAC (Jun 23, 2026). Written by software, not financial advice. How we make alerts