Morgan Stanley reiterated an Overweight rating and $70 price target on Bank of America (BAC), naming it a Top Pick in large banks post its investor day. Management outlined a clear path to 16%-18% ROTCE, driven by revenue growth and expense ratio improvement to 55%-59%, the analyst tells investors in a research note. The firm added that it believes a new period of consecutive operating leverage has arrived, in which Bank of America should outperform.
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