Research

Bank of America delivered broader revenue growth, better credit and a 17.0% tangible return. The improvement is real, but $62.57 already discounts more than our base case.

BNY converted 13.3% revenue growth into 26.9% EPS growth as its pre-tax margin reached 39.8%. The operating case improved, but a $162.59 share price leaves little room for normalization.

Revenue rose 14% and RoTCE reached 13%, strengthening the turnaround case. At $138.50, however, Citigroup already trades close to our $145 base value.

Capital One’s revenue, margin and EPS recovered sharply, helped by lower credit provisions. The print supports normalization, but integration costs and reserve volatility still cap fair value.

Capital One’s revenue and margins improved, but lower provisions supplied much of the earnings rebound. Fair value stays at $225 as integration costs and credit normalization limit the case for expansion.