Phillip Securities upgraded Bank of America (BAC) to Buy from Accumulate with a price target of $45, down from $50. The firm cites the recent share performance for the upgrade. The firm expects Bank of America’s fiscal 2025 growth drivers will be higher net interest income from fixed-asset repricing and loan growth recovery, continued growth in wealth management fees due to higher capital markets activity, and higher global markets revenue from the heightened volatility.
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