Bank of America (BAC) Soars 6.1%: Is Further Upside Left in the Stock?

Bank of America BAC shares soared 6.1% in the last trading session to close at $37.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.6% loss over the past four weeks.The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.This nation's second-largest bank is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -2.4%. Revenues are expected to be $26.74 billion, up 3.6% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Bank of America, the consensus EPS estimate for the quarter has been revised 1.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BAC going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Bank of America belongs to the Zacks Financial - Investment Bank industry. Another stock from the same industry, Moelis MC, closed the last trading session 11.2% higher at $54.31. Over the past month, MC has returned -18.3%.For Moelis, the consensus EPS estimate for the upcoming report has changed -18.7% over the past month to $0.64. This represents a change of +190.9% from what the company reported a year ago. Moelis currently has a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC): Free Stock Analysis Report Moelis & Company (MC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks