Bank of America price target raised to $56 from $52 at Wells Fargo

Wells Fargo raised the firm’s price target on Bank of America (BAC) to $56 from $52 and keeps an Overweight rating on the shares as part of a broader research note on Large-Cap banks. The firm is citing the expected benefit of the U.S. elections driving a “15-year regulatory paradigm shift” and its upward bias to EPS estimates along with anticipated greater flexibility by banks to return and deploy capital and for a bank merger resurgence, the analyst tells investors in a research note.