Bank of America Corp

BAC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$77.10	Gbyk	Cvxzdctd

Maintaining Our $35 Fair Value Estimate for Bank of America

Michael Wong , Eric Compton

Nov 30, 2023

Business Strategy and Outlook

After years of issues following the financial crisis of 2008, Bank of America has emerged as one of the preeminent U.S. banking franchises. The bank has one of the best retail branch networks and overall retail franchises in the United States, is a Tier 1 investment bank, is a top four U.S. credit card issuer, is a top three U.S. acquirer, has a solid commercial banking franchise, and owns the Merrill Lynch franchise, which has turned into one of the leading U.S. brokerage and advisor firms.

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United States