So here's the thing about Bank of America: it's Warren Buffett's favorite bank, it's been beating earnings estimates for 14 straight quarters, and it reports first-quarter results on Wednesday. That's a lot of pressure for one earnings call.
The financial giant Bank of America Corp (BAC) is up next in this week's big bank earnings parade, following JPMorgan Chase & Co. (JPM)'s Tuesday report. And while the headline numbers matter—analysts expect revenue of $29.82 billion (up from $27.51 billion last year) and earnings per share of $1.01 (up from 90 cents)—the real story might be in the details. Like, can they make it 15 straight quarters of beating EPS estimates? And what does the bank's health say about the rest of us?
The Analyst View: Mostly Bullish, But With Lowered Targets
Ahead of the report, analysts have been… adjusting. Not downgrading, really, but trimming their price targets. It's like they're saying, "We still like you, but maybe not *that* much."
Here's the rundown:
- JPMorgan: Kept its Overweight rating but lowered the price target from $61.50 to $57.50.
- Evercore ISI: Maintained Outperform, cut target from $59 to $55.
- Oppenheimer: Stuck with Outperform, lowered target from $63 to $58.
- Jefferies: Just initiated coverage with a Buy rating and a $60 target.
- Goldman Sachs: Kept its Buy rating but slashed the target from $67 to $57.
So the consensus is still positive, but the numbers are coming down a bit. That's worth watching.
What to Listen For: Beyond the Headlines
Freedom Capital Markets Chief Market Strategist Jay Woods pointed out that banks posted great results last quarter but didn't see the stock price follow through. "Last week, many of the large banks came back to life and hope to continue their winning ways as they report results this week," he said.
Woods says investors should keep an ear out for a few key things: investment banking revenue, the outlook for net interest income, comments on deal-making activity, and any headwinds management mentions.
And then there are Bank of America's own metrics. Last quarter, the bank said loans were up 8% year-over-year, outpacing the industry. Deposits grew 3%, marking a 10th straight quarter of growth. Consumer checking accounts added around 680,000 net new accounts—that's 28 consecutive quarters of net growth. So the customer story is strong. The question is whether it stays that way.
Oh, and artificial intelligence. The bank highlighted AI initiatives last quarter as helping grow customer accounts and manage hiring costs. That might come up again.
The SpaceX Factor (Yes, Really)
Here's a fun one: the upcoming SpaceX IPO. Bank of America is expected to be one of the lead banks on the offering, which means potential fees and a lot of attention. But there's more: Bank of America is also a shareholder, thanks to a $250 million investment back in 2018 when SpaceX was valued at $30 billion. Today, SpaceX is worth around $1.5 trillion or more. So the bank is sitting on some very, very nice gains.
Analysts might ask if they plan to sell any of that stake after the company goes public. It's not every day a bank earnings call turns into a space discussion.
The Buffett Watch
And then there's Warren Buffett. Bank of America is the fourth-largest holding in the Berkshire Hathaway (BRK-A) portfolio, making up about 8.6% of assets. Berkshire has been selling part of its stake in recent quarters, and now, with new CEO Greg Abel at the helm, investors will be watching to see if management commentary influences whether Berkshire sells more. Buffett (and Abel) will likely be tuning in.
Where the Stock Stands
As of Tuesday, Bank of America stock was up 0.17% to $53.44. It's trading in a 52-week range of $36.49 to $57.55. Year-to-date in 2026, shares are down 3.2%, but they're still up 45% over the past year. So it's had a good run, but recently it's been a bit choppy. Wednesday's report could give it a fresh direction.
In the end, Bank of America's earnings aren't just about one bank. They're a check-up on the financial sector, consumer health, and even the space economy. And with a 14-quarter beating streak on the line, all eyes are on Wednesday morning.
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