Morgan Stanley Reaffirms Overweight Rating on Bank of America (BAC) After Investor Day

Core Insights - Bank of America Corporation (NYSE:BAC) is recognized as one of the 15 Best Passive Income Stocks to buy currently [1] - Morgan Stanley has reaffirmed its Overweight rating on Bank of America with a price target of $70, highlighting the bank's potential for consistent operating leverage and strong returns on tangible common equity [2][3] Financial Performance and Growth Strategy - During the investor day on November 5, Bank of America's Chairman and CEO Brian Moynihan projected strong earnings growth, with a focus on mid-single-digit revenue growth in the Global Corporate & Investment Banking segment [3] - The bank aims for approximately 20% revenue growth in Latin America and around 40% in Europe, the Middle East, and Africa [3] - Bank of America has invested over $5 billion from 2014 to 2024 to expand its financial centers and enter new markets across the US [4] Market Position and Competitive Advantage - Bank of America ranks among the largest financial institutions in the US, providing a wide range of banking, investment, and financial management services to various clients [4] - The bank is positioned as a top pick within the large-cap banking group, indicating strong confidence from analysts regarding its future performance [2]