Bank of America's Growth Boosted by Strong Fees and Operating Efficiency: Goldman Sachs Analyst
Bank of America's Growth Boosted by Strong Fees and Operating Efficiency: Goldman Sachs Analyst
Goldman Sachs analyst Richard Ramsden reiterated a Buy rating on Bank Of America Corp (NYSE:BAC) with a price target of $45.
高盛分析师Richard Ramsden重申了买入美国银行Corp (NYSE:BAC) 的评级，目标价为45美元。
Bank of America reports fiscal 2024 second-quarter net income of $6.9 billion, beating estimates. Revenue increases 0.8% year over year to $25.5 billion, surpassing expectations.
美国银行报告2024财年第二季度净利润为69亿美元，超过预期。营业收入同比增长0.8％至255亿美元，超过预期。
Bank of America anticipates net interest income of ~$14.50 billion in the fourth quarter.
美国银行预计第四季度的净利润为约145亿美元。
Ramsden noted the results as slightly better than expectations, given a core Pre-provision Net Revenue (PPNR) of $9.2 billion beat the Street and Goldman Sachs estimate by 2% and 5% on better fees, slightly lower Net Interest Income (NII), and better operating efficiency, with the core Return on Average Tangible Common Shareholders' Equity (ROTCE) of 13.5%, 25bps above/65bps above the Street and Goldman Sachs estimate.
Ramsden指出，考虑到核心净利润前损失提前准备净收益(PPNR)为92亿美元，超过了街道和高盛估计的2％和5％，显示结果略好于预期。这一成绩是由于更优秀的收费、稍微更低的净利润收入和更好的运营效率所带来的。核心每股有形普通股股东权益回报率(ROTCE)达到13.5％，比街头和高盛的估计高25个基点/65个基点。
Ramsden expects the focus to be on the NII outlook from here, after the company guided to $14.5 billion of fiscal fourth-quarter NII (vs. the Street at $14.4 billion), driven by fixed asset repricing, and the Bloomberg Short Term Bank Yield Index (BSBY) reference rate cessation benefit, although the analyst noted that this guidance bakes in 3 Fed Funds rate cuts from September-December.
Ramsden预计，从现在开始，焦点将放在净利润收入的前景上，因为该公司引导财政第四季度的净利润收入为145亿美元(而街头为144亿美元)，这是由于固定资产再定价和彭博短期银行收益指数(BSBY)参考利率停止获得的好处，尽管分析师指出该指导反映了9月至12月的3次联邦基金利率下调。
Ramsden sought further clarity on the 2025 NII outlook, the efficiency outlook for 2024, the trajectory of capital markets revenue in 2024, updates to capital returns, and the pace and magnitude of credit normalization.
Ramsden寻求进一步澄清2025年净利润收入前景、2024年运营效率前景、2024年资本市场收入的轨迹、资本回报的更新，以及信贷规范化的步伐和幅度。
Ramsden expects the market to look past the weaker NII this quarter and consider the better fiscal fourth-quarter exit run rate.
Ramsden预计市场将关注更好的财政第四季度的退出运行率，而不是这一季度较弱的净利润收入。
The analyst projected fiscal 2024 revenue and EPS of $101.91 billion and $3.13.
分析师预测2024财年的营业收入和每股收益分别为1019.1亿美元和3.13美元。
Price Action: BAC shares are trading higher by 5.16% at $44.05 at the last check Tuesday.
股价行情：华尔街银行股在上周回升之后继续上涨，BAC股价在上涨5.16％后达到了44.05美元。
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