Morgan Stanley Has Positive Outlook On Bank Of America

In a report published Thursday, Morgan Stanley analyst Betsy L. Graseck reiterated an Overweight rating and $20.00 price target on Bank of America (NYSE: BAC).

In the report, Morgan Stanley noted, “BAC should have been up 2% today, not down 2% given its beat on expenses and AIG resolution. Stock not looking beyond core 2Q14 EPS of $1.43 (annualized). We expect growth from nominal GDP, share gain and more expense cuts. 2015/16 at $1.79 / $2.01. Rate hikes would boost these results significantly.”

Bank of America closed on Wednesday at $15.51.