Comment by phil

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phil
March 31st, 2014 at 12:28 pm
BofA estimate trimmed after GSE settlement
10:35 AM ET · BAC
• Raymond James’ Anthony Polini cuts his Q1 EPS estimate by $0.09 to $0.30 per share after Bank of America (BAC +1.5%) says its will take a charge of $0.21 per share to reflect its MBS settlement with the GSEs.
• Polini’s outlook, however, remains well above the Street estimate of $0.28 which likely does not reflect the settlement. He retains an Outperform rating on the stock with $20 price target, based on 12.5x 2015 earnings, noting the country’s 40 largest banks trade at 13x 2015 estimates.
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