Why Wall Street Sees Strong Upside for Bank of America Stock

On November 19, 2025, Oppenheimer reaffirmed its bullish stance on Bank of America (BAC), maintaining an Outperform rating as institutional interest in the financial giant continues to build.

The Numbers Point to Meaningful Gains

According to the latest analyst consensus, BAC shares could appreciate by 11.75% from recent trading levels. The median price target stands at $58.12 per share, compared to the most recent closing price of $52.00. However, there’s considerable variation in analyst expectations—estimates range from a conservative $34.24 to an optimistic $73.50, reflecting the spectrum of views on the banking sector’s trajectory.

Beyond valuation, the company’s financial outlook appears solid. Projected annual revenues are expected to reach 109,314 million, representing a 7.76% year-over-year increase. Non-GAAP earnings per share are forecasted at 4.43, signaling sustained profitability in a competitive banking environment.

A Growing But Mixed Institutional Picture

The institutional investor base tracking BAC has expanded meaningfully. As of mid-November 2025, 4,793 funds and institutions maintained positions in the stock, an increase of 36 owners (or 0.76%) in the most recent quarter. The average fund portfolio allocation to BAC stands at 0.66% of assets, up 0.43 percentage points.

Yet not all metrics point in the same direction. Total shares held by institutions fell slightly by 0.65% to 6.28 billion shares, suggesting some profit-taking despite the increase in fund count. Options market sentiment reflects this caution—the put-to-call ratio of 1.25 indicates traders are positioning defensively.

How the Biggest Players Are Positioning

Berkshire Hathaway remains the largest shareholder, holding 568.1 million shares (7.78% of the company). Notably, Warren Buffett’s firm reduced its stake by 6.55% from its prior filing level of 605.3 million shares, decreasing its portfolio weight in BAC by 1.43% over the quarter. This move by one of investing’s most respected voices warrants attention.

JPMorgan Chase, by contrast, increased confidence in the sector. The financial giant raised its BAC holdings to 181.7 million shares from 175.2 million previously, an uptick of 3.55%. Its portfolio weighting in BAC similarly jumped by 3.56%.

Among passive index trackers, results were mixed. Vanguard’s Total Stock Market Index Fund held steady with a slight 0.87% reduction to 206.8 million shares, while Vanguard’s 500 Index Fund saw a minor 0.62% decline to 176.5 million shares. Both maintained relatively stable exposure through their quarterly rebalancing processes.

Geode Capital Management expanded its position to 154.7 million shares from 148.2 million (a 4.24% increase), though it paradoxically reduced its portfolio weight by 44.94%—likely reflecting broader index rebalancing rather than a change in conviction.

The confluence of Oppenheimer’s confident rating and the diverse positioning by major institutional players suggests BAC remains a focal point for active debate among sophisticated investors.