Morgan Stanley analyst Betsy Graseck lowered the firm’s price target on Bank of America to $37 from $38 and keeps an Equal Weight rating on the shares. Graseck and fellow analyst Manan Gosalia said bank management comments last week show that their thesis for accelerating deposit costs is playing out, but even faster than they’d anticipated, leading them to take down EPS estimates by a median 2% for Q4.
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