KBW’s David Konrad sees valuation boost for the bank as Treasury yields drop well below 5%.
Bank of America Corp. has drawn an upgrade to market perform from underperform at Keefe, Bruyette & Woods after “the fever broke” around higher bond yields that have impacted bank stocks.
“The fever broke,” Konrad said in a research note published on Sunday. “We believe the lower rates may drive favorable positioning in stock, and we believe the stock’s valuation is more attractive.” “Although we expect challenging NII results over the next two quarters, we believe NII will level out in 2024 and show modest growth in 2025, partly due to less pressure on debt costs,” Konrad said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Customers at Bank of America, Wells Fargo and other banks grappling with deposit delaysCustomers with several big U.S. banks expressed frustration after their paychecks didn't show up in their accounts.
Read more »
Bank of America Corp. stock falls Monday, underperforms marketSupported by world-class markets data from Dow Jones and FactSet, and partnering with Automated Insights, MarketWatch Automation brings you the latest, most pertinent content at record speed and with unparalleled accuracy.
Read more »
DZ Bank, third-largest German bank, to start crypto custody for institutional investorsThe bank hopes to offer institutional investors and private customers to buy cryptocurrencies, “such as Bitcoin,” in the future.
Read more »
Sovereign Wallet Shines in BIS's Project Polaris with 'Chained Cash' TechSovereign Wallet (SWN Global) is one of 12 CBDC technology vendors participating in the BIS's 'Project Polaris: A High-Level Design Guide for Offline Payments with CBDC,' alongside major central banks including Bank of Finland, Bank of Israel, Central Bank of Iceland, European Central Bank, Norges Bank, Sveriges Riksbank, BIS innovation hub Nordic...
Read more »
Bank of Japan members saw no need for new yield control tweaks, September minutes showMost Bank of Japan board members saw no need for additional tweaks to yield curve control and agreed to continued monetary easing to meet inflation and wage growth objectives, minutes of its September meeting showed on Monday.
Read more »