Citigroup Cuts Bank of America (BAC) Price Target to $60
Citigroup reaffirms its Buy rating for Bank of America, adjusting its price target to $60, a 15.22% upside from the current price.
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Citigroup cut its price target on Bank of America Corporation ($BAC) to $60 from $66 on October 15, 2026, and rates the stock "Buy".
Since the rating, $BAC is down 0.9% to date (from the $51.70 close on Oct 15, 2026).
BAC
Bank of America Corporation
Key Points
- On October 15, 2026, Citigroup reiterated its Buy rating on Bank of America with a price target of $60, down from $66.
- Citigroup's $60 price target implies 15.22% upside from Bank of America Corporation's ($BAC) current $52.08 share price.
- Recently, Bank of America shares traded around $52.08, which is about 13.2% below Citigroup's new target.
- The company has a strong revenue growth of 16.8% year-over-year and a net margin of 29.5%.
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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Bank of America Corporation alert may contain errors. Disclosures
Citigroup reaffirmed its Buy rating for Bank of America Corporation (NYSE: BAC) on October 15, 2026, adjusting its price target to $60 from $66. The firm maintains a positive outlook on the bank, reflecting confidence in its financial performance despite the target reduction.
Citigroup's Call on Bank of America
Citigroup's latest rating indicates a continued belief in Bank of America's potential. The firm has set a price target of $60, which is now lower than its previous target but still suggests upside from recent trading levels. The bank's shares were recently priced at $52.08, placing them about 13.2% below Citigroup's new target.
Other Institutional Activity in Bank of America
In the latest filings, several other institutional investors have shown interest in Bank of America. Blackrock Inc. holds 545,683,702 shares worth approximately $27.95 billion after adding 6,417,271 shares. Vanguard Capital Management LLC increased its stake by 12,127,174 shares, bringing its total to 421,828,996 shares valued at about $21.61 billion. Meanwhile, Berkshire Hathaway, Inc. reduced its holdings by 30,253,860 shares, leaving it with 483,394,015 shares worth around $24.76 billion.
Bank of America Corporation Stock Down 9.8%
Bank of America shares are currently trading around $52.08. This price is below the new target set by Citigroup, suggesting that investors may see potential for growth if the stock approaches the target in the coming months. The company's performance has been strong, with a year-over-year revenue growth of 16.8%, highlighting its solid position in the financial services sector.
$BAC price target
Bank of America Corporation daily closes and this analyst's $60 target. Not advice.
Recent Earnings
Bank of America reported a trailing twelve-month revenue of approximately $113.93 billion and an earnings per share (EPS) of $4.33. The bank has a return on equity of 11.2% and a net margin of 29.5%. These figures reflect a robust financial performance that supports Citigroup's positive outlook.
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.
Insider Buying and Selling at Bank of America Corporation
Recent insider transactions at Bank of America included several sales. Officer Thomas M. Scrivener sold 50,000 shares on March 5, 2026, at an average price of $49.82, totaling about $2.49 million. Sheri B. Bronstein, another officer, sold 60,000 shares on the same day for about $2.99 million. Additionally, Officer Bernard Amponsah Mensah sold 94,000 shares on March 12, 2026, at an average price of $46.94, bringing in approximately $4.41 million.
Analysts Set New Price Targets
On October 15, 2026, several firms maintained their ratings on Bank of America. Along with Citigroup's Buy rating and $60 target, Morgan Stanley kept its Overweight rating with a target of $61, while Truist Securities maintained a Buy rating with a target of $58. RBC Capital's Outperform rating came with a target of $60, and Barclays set an Overweight rating with a target of $68. This reflects a consensus of positive sentiment among analysts, despite some target reductions.
About Bank of America
Bank of America Corporation, based in Charlotte, NC, provides a wide range of financial products and services to individuals, businesses, and governments. It operates through segments including Consumer Banking and Global Wealth & Investment Management. The bank's broad service offerings and strong market presence position it well in the competitive financial services industry.
Bottom Line
Investors will be watching for Bank of America's next earnings report, which could provide further insights into its financial health. Citigroup's maintained Buy rating and adjusted price target suggest that the bank remains a focus for institutional investors. Further analyst reviews may also influence market sentiment in the coming weeks.
Related Filing Alerts
Source: Citigroup's rating change on $BAC (Oct 15, 2026). Written by software, not financial advice. How we make alerts