Morgan Stanley raised the firm’s price target on Bank of America (BAC) to $70 from $67 and keeps an Overweight rating on the shares after the bank hosted their first investor day since 2011 and outlined “a clear path” to a 16%-18% ROTCE, driven by both revenue growth and expense ratio improvement. The firm expects a new period of operating leverage to drive stock outperformance once again as net interest income headwinds are now becoming tailwinds, the analyst tells investors.
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