Wells Fargo Expects Stronger Profitability at Bank of America (BAC), Raises Price Target to $62

Core Insights - Bank of America Corporation (NYSE:BAC) is recognized as one of the 13 most undervalued dividend stocks to buy according to Wall Street analysts [1] - Wells Fargo has raised its price target for Bank of America from $60 to $62, maintaining an Overweight rating, indicating expectations of stronger profitability [2][3] - The bank is expected to announce a new return on tangible common equity (ROTCE) target of 16% to 18% at its upcoming investor day on November 5, showcasing confidence in its operational capabilities [3] Dividend Information - On October 23, Bank of America declared a quarterly dividend of $0.28 per share, consistent with previous payouts, marking 11 consecutive years of dividend increases [4] - As of October 29, the stock has a dividend yield of 2.13% [4]