Wells Fargo Maintains a Buy Rating on Bank of America (BAC), Keeps the PT Unchanged

Bank of America Corporation (NYSE:BAC) is one of the 10 Best and Cheap Stocks to Buy Now. On June 11, Wells Fargo analyst Mike Mayo maintained a Buy rating on the stocks with a price target of $56.

The analyst highlighted loan growth and improved net interest income as key drivers of enhanced profitability. Mike believes that despite the sluggish investment banking sector, Bank of America Corporation (NYSE:BAC)’s decade-long investments are expected to pay off thereby reinforcing its strategic positioning and growth potential.

Analyst Mike Mayo also noted that the bank has consistently grown its deposits driven by investments in bank renovations and market expansion. Bank of America Corporation (NYSE:BAC) reported its Q1 2025 results on April 15. It grew its revenue of $27.4 billion by 6% year-over-year, with net income growing 11% to reach $7.4 billion. As the analyst highlighted, the deposits for the quarter grew to approximately $2 trillion reflecting a 2% year-over-year increase. Lastly, Mike highlights the bank’s valuation as it is trading at the lower end of its historic forward P/E ratio.

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