Bank of America consensus firms after Truist and Citi target lifts, shares in S&P 500 spotlight

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-28, 15:00.

Bank of America (US0605051046) enters the new week with a notably firmer analyst consensus after recent price target increases from Truist and Citi on the NYSE-listed shares, as detailed in fresh research notes published in late June. The bank remains a key component of the S&P 500 financials universe, with the new targets pointing to a more constructive view on upcoming earnings and trading results.

What Truist now expects

On June 26, Truist raised its price target on Bank of America to 64 US dollars from 61 US dollars and reiterated a Buy rating on the shares, as highlighted in its universal and regional banks sector update. Analyst John McDonald pointed to better-than-expected sales and trading guidance, with management signalling year-over-year growth of more than 15 percent for the current quarter, supported by robust equity market conditions, particularly in the Asia-Pacific region.

Truist noted that the stronger trading backdrop is also feeding through into higher expenses in the quarter, but still assessed the risk-reward on the stock as attractive within the large-cap U.S. banking cohort. The research house framed Bank of America as one of its preferred names in the group, citing the lender’s diversified revenue base and sensitivity to rate developments as potential drivers for earnings over the next 12 to 18 months.

Citi’s second-quarter preview on BAC

A few days earlier, on June 23, Citi lifted its price target on Bank of America shares to 66 US dollars from 62 US dollars and likewise maintained a Buy recommendation, according to its second-quarter earnings preview for U.S. banks. The Citi team said that commentary from Bank of America management at recent investor conferences has been constructive, pointing to stronger banking and trading results that could support upside versus current consensus estimates for the quarter.

In the same note, Citi emphasized that Bank of America’s balance between consumer and corporate banking, along with its global markets franchise, positions the group to benefit from both credit demand and capital markets activity. The analyst view sets the bank alongside peers such as JPMorgan and Wells Fargo in the U.S. money-center banking space, with the higher price target reflecting Citi’s confidence in the earnings trajectory in the near term.

The business behind the stock

Bank of America earns its money primarily as a diversified banking group, spanning consumer banking, global wealth and investment management, and corporate and investment banking. On the retail side, core products include checking and savings accounts, credit cards and mortgages for U.S. households, while the Merrill and Private Bank platforms focus on advisory and brokerage services for affluent and high net worth clients.

Where the stock trades today

Bank of America shares (US0605051046) trade on the NYSE under the ticker BAC, with recent data showing a market price around the mid-40 US dollar range and a total market capitalization firmly in the large-cap bracket for U.S. financials. The stock remains part of the S&P 500 index, providing investors with broad exposure to a major U.S. banking franchise through a liquid New York listing.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. All data are based on sources believed to be reliable at the time of publication but may change without notice.