Bank of America (BAC) is set to report fourth-quarter results before the opening bell on Wednesday, January 14, and Wall Street's best analysts have been busy adjusting their targets ahead of the print.

The consensus is looking for earnings of 96 cents per share, which would mark a solid jump from the 82 cents per share the bank posted in the same quarter last year. Analysts are also expecting revenue of $27.62 billion for the quarter, compared to $25.35 billion in the year-ago period.

Recent Corporate Moves

Just before earnings, Bank of America announced on Friday that it's redeeming $3 billion worth of 5.080% fixed-to-floating rate senior notes that were due in January 2027. It's the kind of balance sheet housekeeping that tends to happen when a bank is managing its capital structure ahead of quarterly results.

Shares closed down 0.6% at $55.85 on Friday, giving analysts plenty of room between current levels and their price targets.

What the Most Accurate Analysts Are Saying

In the week leading up to earnings, several of Wall Street's most accurate analysts updated their views on Bank of America. Here's the breakdown:

TD Cowen analyst Steven Alexopoulos kept his Buy rating and bumped the price target from $64 to $66 on January 7. Alexopoulos has a 69% accuracy rate on his calls.

Wolfe Research analyst Steven Chubak took a different view, downgrading the stock from Outperform to Peer Perform on January 7. Chubak has been right 71% of the time with his ratings.

Goldman Sachs analyst Richard Ramsden maintained his Buy rating and raised the price target from $58 to $64 on January 6. Ramsden sports a 73% accuracy rate.

Truist Securities analyst John McDonald also stuck with his Buy rating while lifting the price target from $58 to $62 on January 6. McDonald has the highest accuracy rate of the group at 82%.

Barclays analyst Jason Goldberg maintained an Overweight rating and delivered the most bullish price target increase, moving from $59 to $71 on January 5. Goldberg has a 63% accuracy rate.

The recent analyst activity shows mostly bullish sentiment heading into the earnings report, with four of five analysts maintaining positive ratings and only Wolfe Research stepping to the sidelines with a neutral stance. The price target increases suggest analysts believe the bank has more room to run, even after a strong performance over the past year.