Where Will Bank of America Be at the End of 2023?
It's safe to say that Bank of America (NYSE: BAC), the second-largest bank by assets in the U.S., is a completely different bank than it was after the Great Recession, when shares fell below $4. Chief Executive Officer Brian Moynihan has done an excellent job of turning the bank around and building a much more durable operation with much stronger earnings power. Toward the end of 2021, Bank of America traded at its highest stock price since 2007, at more than $49 per share, albeit it was a period when most stocks traded at elevated valuations. Since then, its stock has fallen back to roughly $34 per share. Let's take a look at where Bank of America could be at the end of 2023, in a little less than a year and a half.
The good news is stronger earnings are almost certainly on the way. Bank of America is one of the largest beneficiaries of rising interest rates, which the Federal Reserve has rapidly hiked this year and will likely continue to do as the year progresses.
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Source Fool.com
