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.
高盛分析師Richard Ramsden重申了買入美國銀行Corp (NYSE:BAC) 的評級，目標價爲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.
美國銀行報告2024財年第二季度淨利潤爲69億美元，超過預期。營業收入同比增長0.8％至255億美元，超過預期。
Bank of America anticipates net interest income of ~$14.50 billion in the fourth quarter.
美國銀行預計第四季度的淨利潤爲約145億美元。
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，考慮到核心淨利潤前損失提前準備淨收益(PPNR)爲92億美元，超過了街道和高盛估計的2％和5％，顯示結果略好於預期。這一成績是由於更優秀的收費、稍微更低的淨利潤收入和更好的運營效率所帶來的。核心每股有形普通股股東權益回報率(ROTCE)達到13.5％，比街頭和高盛的估計高25個點子/65個點子。
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預計，從現在開始，焦點將放在淨利潤收入的前景上，因爲該公司引導財政第四季度的淨利潤收入爲145億美元(而街頭爲144億美元)，這是由於固定資產再定價和彭博短期銀行收益指數(BSBY)參考利率停止獲得的好處，儘管分析師指出該指導反映了9月至12月的3次聯邦基金利率下調。
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尋求進一步澄清2025年淨利潤收入前景、2024年運營效率前景、2024年資本市場收入的軌跡、資本回報的更新，以及信貸規範化的步伐和幅度。
Ramsden expects the market to look past the weaker NII this quarter and consider the better fiscal fourth-quarter exit run rate.
Ramsden預計市場將關注更好的財政第四季度的退出運行率，而不是這一季度較弱的淨利潤收入。
The analyst projected fiscal 2024 revenue and EPS of $101.91 billion and $3.13.
分析師預測2024財年的營業收入和每股收益分別爲1019.1億美元和3.13美元。
Price Action: BAC shares are trading higher by 5.16% at $44.05 at the last check Tuesday.
股價行情：華爾街銀行股在上週回升之後繼續上漲，BAC股價在上漲5.16％後達到了44.05美元。
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圖片來自shutterstock。