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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