RBC Capital analysts revised their full 2022 and 2023 EPS estimates on Bank of America Corporation (NYSE:BAC) to reflect updated company guidance.

2022/2023 EPS estimates moved to $3.30/$3.95 from $3.43/$3.85. As a result of the expected increases in short-term interest rates, the analysts increased their net interest income estimates which were more than offset in 2022 by lower-than-expected investment banking revenues but only partially offset in 2023.

The analysts lowered their price target to $45 from $51, while reiterating their outperform rating.