Bank of America (BAC) Needs Higher Rates, Says Jim Cramer

Bank of America Corporation (NYSE:BAC)’s shares are up by 13% implicit the past year. Ahead of the earnings, TD Cowen raised the firm’s stock terms people to $66 from $64 and kept a Buy rating. TD Cowen pointed retired that it expected the banking assemblage to execute good successful the upcoming net season. HSBC’s enactment was bolder arsenic it bumped the stock standing to Buy from Hold and acceptable a $50 stock terms target, arsenic it commented that a pullback successful the shares mightiness supply an opportunity. Bank of America Corporation (NYSE:BAC)’s 4th fourth net study saw it station $28.53 cardinal successful gross and $0.98 successful net per share. Both of these bushed expert estimates of $27.94 cardinal and $0.96. On the time of the report, the banal closed 3.8% higher, and Cramer wondered whether the tussle betwixt the President and the Fed erstwhile it came to involvement rates was to blame:

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“David, Bank of America, origin they request the rates higher. That whitethorn person been 1 that you, you cognize Brian Moynihan did a precise bully occupation arsenic CEO, but rates higher is not what I deliberation the President wants.”

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.