Morgan Stanley Sees Bank of America as Good Buying Opportunity

In a report published Friday, Morgan Stanley analyst Betsy L. Graseck reiterated an Overweight rating and $21.00 price target on Bank of America BAC. In the report, Morgan Stanley noted, “We believe BAC is a buy on declining expenses alone. You get a free option on better growth/rates. Expect ‘15 consensus to move up in 2H14 as BAC delivers on $2.8B annualized LAS expense cuts by YE14 with goal to hold core expenses flat from there. Bull case is rising growth/rates.” Bank of America closed on Thursday at $16.49.