Truist Securities Cuts Bank of America (BAC) Price Target to $58

Truist Securities has reiterated its Buy rating on Bank of America with a revised price target of $58 on October 15, 2026, a 11.38% upside from the current price.

By EarningsIQ Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 16, 2026, 8:15 PM EDT

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Truist Securities cut its price target on Bank of America Corporation ($BAC) to $58 from $62 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

$51.23 -6.97% year to date

Daily close · Oct 16, 2026

Key Points

Truist Securities reiterated its Buy rating on Bank of America with a target price of $58, lowered from $62. As of October 16, 2026, the stock is trading at $52.08.
Truist Securities's $58 price target implies 11.38% upside from Bank of America Corporation's ($BAC) current $52.08 share price.
Bank of America has a strong revenue growth rate of 16.8% year-over-year and a net margin of 29.5%. The company reported trailing twelve-month revenue of $113.9 billion.
Other analysts, including Citigroup and Morgan Stanley, also maintained their positive ratings but adjusted their targets downwards, with Citigroup at $60 and Morgan Stanley at $61.

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Truist Securities has reiterated its Buy rating on Bank of America Corporation (NYSE: BAC) with a revised price target of $58 on October 15, 2026. This is a decrease from a prior target of $62. The stock was recently trading at $52.08 as of October 16, 2026, which is about 10.2% below the new target price.

Other Institutional Activity in Bank of America

Several other institutional investors have adjusted their positions in Bank of America. Blackrock Inc. grew its holdings by 6,417,271 shares, bringing its total to about 545.7 million shares worth approximately $27.95 billion. Vanguard Capital Management LLC added 12,127,174 shares, resulting in a total of 421.8 million shares valued at about $21.6 billion. Meanwhile, Berkshire Hathaway, Inc reduced its stake by 30,253,860 shares, ending with 483.4 million shares worth around $24.8 billion.

Bank of America Corporation Stock Down 9.8%

As of October 16, 2026, Bank of America shares are trading at $52.08, which places them below the new target price of $58. This suggests potential upside for investors, as the stock is currently undervalued compared to the analysts' expectations.

12-month forecast

$BAC price target

Bank of America Corporation daily closes and this analyst's $58 target. Not advice.

Recent Earnings

Bank of America reported trailing twelve-month revenue of $113.9 billion and an earnings per share (EPS) of $4.33. The company has shown a revenue growth rate of 16.8% year-over-year and a return on equity of 11.2%.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B- 69/100

Reported Apr 15, 2026

Forward outlook
6 analysts raised price targets.
EPS & revenue
EPS beat estimates by 8.6%. Revenue met estimates.
Profit surprise
Operating income missed by 10 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
6 target raises.
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

Several insiders at Bank of America sold shares earlier in the year. For instance, Officer Thomas M. Scrivener sold 50,000 shares at an average price of $49.82 on March 5, 2026, totaling approximately $2.49 million. Similarly, Sheri B. Bronstein sold 60,000 shares at $49.91, amounting to about $2.99 million on the same date. These transactions occurred before the current analyst updates.

Analysts Set New Price Targets

On October 15, 2026, Citigroup maintained its Buy rating on Bank of America with a target price of $60, down from $66. Morgan Stanley also kept an Overweight rating with a target of $61, reduced from $67. RBC Capital maintained an Outperform rating with a target of $60, down from $65. Barclays set an Overweight rating with a target of $68, lowered from $72. The consensus among analysts suggests a generally favorable outlook despite the lowered targets.

About Bank of America

Bank of America Corporation, headquartered in Charlotte, NC, provides a range of financial products and services globally. It serves individual consumers, small to middle-market businesses, and large corporations through various segments, including Consumer Banking and Global Markets. The recent analyst ratings and target adjustments reflect the firm's ongoing assessment of its market position and growth potential.

Bottom Line

Investors should watch for Bank of America's next earnings report for further insights into its performance. With analysts maintaining positive ratings despite lowered targets, the stock may present an interesting opportunity for those looking at the financial sector.