CFRA Research Is Bullish On Bank Of America, Morgan Stanley And JPMorgan

Speaking on CNBC, Kenneth Leon of CFRA Research said he has a Strong Buy rating on Bank of America Corp (NYSE: BAC) and a Buy rating for Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM).

Bank Of America has a trajectory of improvement, both on the top line and on the cost side, said Leon. He added that the efficiency ratios are looking really good for the bank.

Leon thinks the key issues for the banking sector are the Volcker Rule, tax reform, Fed interest rates and client confidence. He believes earnings results for the banks were good. Morgan Stanley showed its strategy is working and Goldman Sachs Group Inc (NYSE: GS) had a really good September.