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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on BAC:
- Bank of America Corporation Announces Expiration and Results of Cash Tender Offers by BofA Securities Inc. for Certain Outstanding Depositary Shares of Bank of America Corporation
- BofA CEO says headcount management ‘won’t take layoffs’
- Bank of America expects a recession next year, Moynihan says
- BofA CEO, asked about Treasury ‘short list’ report, says has ‘best job in world’
- BofA CEO Moynihan on short list to replace Yellen, Gaparino says via Twitter