Please select the second broker

Author: Alan LittleDate: 2021-10-18

Bank of America (BAC) +3%, Goldman Sachs (GS) +4% after Q3 blowouts

Bank of America (BAC) received a slew of price target upgrades from analysts following impressive Q3 beats, while Goldman Sachs (GS) also made gains on its strong report.

Bank of America (BAC) and Goldman Sachs (GS) closed higher in New York on Friday after both financial giants breezed past Wall Street expectations following a surge in Q3 profits and revenues.

Goldman Sachs was arguably the most impressive in terms of raw numbers as its $14.93 earnings per share jumped 55% from a year ago and crushed the $10.11 estimates, as did revenue of $13.61bn versus $11.67bn.

Bank of America posted a 58% spike in profits as its bottom line was buffered by rising revenue from internet on loans, with the adjusted $0.85 earnings per share figure topping a $0.71 FactSet survey.

After the release of Bank of America’s report, analysts lined up to sign off on price target upgrades, with RBC Capital’s Gerard Cassidy noting that the quarterly showing was evidence of an “inflection point” for long-term growth.

RBC, which added $6 to a new $50 price target, was one of four banks to offer bullish comments.

Oppenheimer’s Chris Kotowski believes that Bank of America is currently leading the way during the current earnings season among “large banks” as it delivered a robust uptick in net interest income growth.

He rounded out his update by setting a higher $51 price target and reiterating an outperform rating.

Evercore’s Glenn Schorr went from $43 to $48 and stood pat on an outperform rating as he reeled off a number of reasons why it put in a show-stopping Q3 performance.

He noted: “Bank of America’s earnings beat reflected strong investment banking and equity trading, good deposit and loan growth, a ‘little better’ net interest income growth, and ‘pristine credit’”.

Both Bank of America and Goldman Sachs traded up after the beats on Friday with the former climbing 2.88% to $46.37 and the latter rising 3.80% to $406.07.

Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.