Wells Fargo Cuts Bank of America (BAC) Price Target to $64

Wells Fargo has reiterated its Overweight rating on Bank of America, lowering the price target from $69 to $64 on October 15, 2026, a 22.90% 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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Wells Fargo cut its price target on Bank of America Corporation ($BAC) to $64 from $69 on October 15, 2026, and rates the stock "Overweight".

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

Wells Fargo has reiterated its Overweight rating on Bank of America with a new price target of $64, down from $69.
Wells Fargo's $64 price target implies 22.90% upside from Bank of America Corporation's ($BAC) current $52.08 share price.
As of October 16, 2026, Bank of America shares are recently trading around $52.08, which is about 18.6% below Wells Fargo's target.
The stock has a dividend rate of $1.28 and a revenue growth year-over-year of 16.8%.

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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

Wells Fargo has reiterated its Overweight rating on Bank of America Corporation (NYSE: BAC) and set a new price target of $64 on October 15, 2026. This is a decrease from the previous target of $69. The recent trading price for Bank of America is $52.08 as of October 16, 2026, which is about 18.6% below the new target.

Other Institutional Activity in Bank of America

Blackrock Inc. grew its holdings in Bank of America by 6,417,271 shares, bringing its total to 545,683,702 shares valued at approximately $27.95 billion. Vanguard Capital Management LLC added 12,127,174 shares, increasing its stake to 421,828,996 shares worth about $21.61 billion. Meanwhile, Berkshire Hathaway, Inc. trimmed its position by 30,253,860 shares, ending with 483,394,015 shares valued at around $24.76 billion.

Bank of America Corporation Stock Down 9.8%

Bank of America shares are currently trading at $52.08, which is below the newly set price target of $64. This price point indicates the stock is trading below the target level set by Wells Fargo, reflecting market sentiment.

12-month forecast

$BAC price target

Bank of America Corporation daily closes and this analyst's $64 target. Not advice.

Recent Earnings

In the trailing twelve months, Bank of America reported revenue of approximately $113.93 billion and an EPS of $4.33. The company has a net margin of 29.5% and a return on equity of 11.2%. The next earnings report is expected on October 18, 2026.

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.

Dividend

Bank of America pays an annual dividend of $1.28 per share, giving it a dividend yield of 2.5%. The payout ratio stands at 25.9%, indicating a manageable level of dividend payments relative to earnings.

Insider Buying and Selling at Bank of America Corporation

Recent insider transactions include several sales by officers. Thomas M. Scrivener sold 50,000 shares at an average price of $49.82 on March 5, 2026, totaling about $2.49 million. Sheri B. Bronstein sold 60,000 shares at $49.91 for approximately $2.99 million on the same day. Additionally, Bernard Amponsah Mensah sold 94,000 shares at $46.94, bringing in about $4.41 million on March 12, 2026. Geoffrey S. Greener sold 126,756 shares at $53.00, totaling around $6.72 million on May 5, 2026.

Analysts Set New Price Targets

On October 15, 2026, multiple firms maintained their ratings on Bank of America. Citigroup maintained a Buy rating with a target of $60, down from $66. Morgan Stanley also maintained an Overweight rating with a target of $61, lowered from $67. Truist Securities kept its Buy rating with a new target of $58, down from $62. RBC Capital maintained an Outperform rating with a target of $60, reduced from $65, while Barclays kept its Overweight rating with a target of $68, down from $72. The consensus among analysts is that the stock remains a favorable option for investors.

About Bank of America

Bank of America Corporation provides a wide range of financial products and services globally, serving individual consumers to large corporations. It operates through segments such as Consumer Banking and Global Markets. This reiteration of the Overweight rating by Wells Fargo signals confidence in the bank's future performance despite a lower target price.

Bottom Line

Investors should keep an eye on Bank of America's upcoming earnings report on October 18, 2026, as analysts continue to monitor the company's performance. The recent analyst ratings and price targets suggest a cautious but optimistic outlook for the bank amid current market conditions.