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Bank of America Delivers Strong Q1 Results, RBC Says

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Bank of America's (BAC) Q1 results showed solid earnings growth with broad-based franchise momentum, RBC Capital Markets said in a Wednesday note.

"BAC's diversified business model continues to demonstrate its

ability to grow with the US economy," the report said.

The note said its core business of gathering deposits and levering the deposit growth with loans should lead to stronger long-term earnings growth.

"Its core low-cost deposit base is its strongest asset, and we expect it to shine over the next 12-months as the yield curve steepens," the report said.

The note also said the bank is well capitalized and should return capital with dividends and stock buybacks. RBC kept its outperform rating and a $59 price target.

Price: $54.23, Change: $-0.09, Percent Change: -0.17%

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