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Banking, finance, and taxes

BofA Raising Targets on Regional Banks After QE3 (BAC, USB, WFC, PNC, FRC, SBNY, SUSQ)

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By Jon C. Ogg Updated Published

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Bank of America Corp. (NYSE: BAC) is issuing coverage updates on the U.S. regional banking sector, with price target upgrades as it is “mining the melt-up” seen in the rise in bank stock prices.

Bank of America is rolling forward its P/E and price-to-tangible-book-value expectations to reflect forward earnings and to reflect expected tangible book values for 2013.

U.S. Bancorp (NYSE: USB) is still a Buy and saw its price target raised from $35 to $37.

Wells Fargo & Co. (NYSE: WFC) is still a Buy and saw its price target raised from $36 to $38.

PNC Financial Services Group Inc. (NYSE: PNC) is still a Buy and saw its target raised from $66 to $68.

First Republic Bank (NYSE: FRC) is still a Buy and saw its target raised from $36 to $38.

Signature Bank (NASDAQ: SBNY) is still a Buy and saw its target raised from $68 to $71.

Susquehanna Bancshares Inc. (NASDAQ: SUSQ) is still a Buy and saw its target raised from $12 to $12.50.

The report noted:

Both the KBW Banks Index (BKX) and the KBW Regional Banks Index (KRX) have broken above important resistance levels just as the Federal Reserve has announced another round of quantitative easing (QE3). In our view, this supports the case for additional short-term upside in the large-cap and regional banks.

Read Also: How QE3 Is Helping America’s Safest Banks

JON C. OGG

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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