Piper Sandler downgrades Bank of America's stock target, but the bank reports strong Q1 earnings.

Piper Sandler downgraded Bank of America's stock price target from $45.00 to $42.00, leading to a 1.1% drop in shares on Wednesday. Despite the downgrade, Bank of America's average rating remains "Moderate Buy" with a target price of $47.25. The company reported strong Q1 earnings of $0.90 EPS, exceeding expectations by $0.10, and revenue of $27.37 billion, surpassing forecasts. Bank of America's shares have generally remained stable, with a 52-week price range of $33.07 to $48.08.