On Wednesday, Keefe, Bruyette & Woods (KBW) made an adjustment to the price target of Bank of America stock (NYSE: BAC), reducing it to $52 from the previous target of $55. Despite the change in the price target, KBW maintained its Outperform rating on the bank's shares. The decision came following the evaluation of Bank of America's recent quarterly performance. According to KBW, although Bank of America's results were mostly as expected, the bank had a solid quarter, generating revenue of $96.07 billion in the last twelve months. The firm highlighted a slight beat in pre-provision net revenue (PPNR) by $0.01 and a $0.03 beat from equities trading that led to a $0.02 increase in expenses. KBW's analysis pointed out that despite these results being relatively in line with expectations, Bank of America's stock still managed to outperform the Bank Index (BKX) by 240 basis points.