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Bank of America Soars on Profit Engine | Durham News
Bank of America’s stock is soaring to new highs after crushing Q2 earnings that beat Wall Street’s expectations, prompting analysts to raise their price targets. Veteran analyst Gerard Cassidy boosted his target to $65, betting on the bank’s massive deposit base — which pays almost nothing in interest — and its ability to lend at higher rates, creating a powerful profit engine. He’s confident in the bank’s rock-solid capital reserves and sees even stronger margins as long-term rates climb faster than short-term deposit rates. But to hit that $65 target, the yield curve must keep widening and…
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