Evercore Partners Cuts Estimates on Bank of America (BAC)

Evercore Partners reported on Friday that it has adjusted its estimates on Bank of America Corp (BAC).

Analyst Andrew Marquardt has lowered his estimates on BAC, while reiterating a “Buy” rating and $16 price target.

Marquardt noted: “We expect BAC to report core 3Q13 EPS of $0.23 which is $0.03 above consensus EPS est of $0.20 and below 2Q13 core EPS est of $0.25.”

“On a reported basis we expect 3Q13 EPS of $0.15 including $0.04/shr gain from CCB share sale, $0.10 drag from UK tax rate adjustment, $0.01 drag from est’d DVA loss and $0.01 drag from non-core litigation expenses. Overall 3Q13 results exp’d weaker vs last qtr on slowing mrtg and capital markets activity while lower expenses help partially offset, AQ remains strong and modest capital build likely, though AOCI a drag on capital as rates move higher.”

Looking ahead, the firm has lowered its third quarter estimate from 25 cents to 23 cents per share. FY2013 estimates have been cut form 96 cents to 91 cents per share, FY2014 estimates have been dropped from $1.31 to $1.30 per share and FY2013 estimates have been left unchanged at $1.52 per share.

Bank of America shares were mostly flat during pre-market trading Friday. The stock is up 21% YTD.