Bank of America price target raised to $49 from $47 at Morgan Stanley

Morgan Stanley analyst Betsy Graseck raised the firm’s price target on Bank of America (BAC) to $49 from $47 and keeps an Overweight rating on the shares. The firm is raising its “money center” bank EPS forecasts as announced M&A and equity capital markets volumes are accelerating. The firm, which sees capital markets momentum ahead driven by market conditions, regulatory clarity, pent up demand for both M&A and IPOs, and greater sponsor engagement, is raising its money center price targets 2%-4%.