Bank of America Corp. (BAC) shares hit a new 52-week high of $54.83 on Friday. Trading volume was significant, with over 5.3 million shares exchanged.
The price surge followed activity from Royal Bank of Canada (RBC). RBC raised its price target for BAC to $59.00 from $56.00, while maintaining an "outperform" rating.
Separately, Morgan Stanley adjusted its outlook for Bank of America. The firm lowered its price target to $68.00 from $70.00, but maintained an "Overweight" rating on the shares.
Overall, the stock maintains a positive trend. BAC boasts a year-to-date return exceeding 27%.