Model update: Remain Overweight
We are updating our BAC model to reflect Q4 results, revenue trends and expense comments from management . As a result, our FY18 forecasts decrease by 1.8% as lower revenue estimates are only partially offset by lower expense expectations. Our FY19 estimates increase by 0.1%. Our price target remains at $36 and we retain our Overweight recommendation.Bank of America is a bank and a financial holding company. Through its subsidiaries, the company provides a range of banking, investing, asset management and other financial and risk management products and services. The company's segments include: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth & Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which provides lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services; and Global Markets, which provides sales and trading services and research services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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