Morgan Stanley said investors do not need higher rates to buy Bank of America shares. The firm said accelerating loan growth and strong fee growth alone will increase revenues up to 3%-5% year-over-year in 2016-17. The firm said it currently has just 30% and 50% of the improvement in the forward curve in its 2016 and 2017 estimates, and if dropped to the bottom line, could add 15c to earnings and $1.70 to its price target. Morgan Stanley views Bank of America's valuation as compelling and recommends buying shares ahead of a rate rise. The firm rates shares an Overweight with a $21 price target.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Check out this morning's top movers from around Wall Street, compiled by The Fly. HIGHER - Macatawa... To see the rest of the story go to thefly.com. See Story Here

Reports Q1 revenue $25.82B, consensus $25.46B. Reports Q1 CET1 capital ratio 11.8%. Reports Q1 tangible book value per share $24.79. Reports Q1 net charge-offs .58%. The bank said, "We reported a strong quarter as our businesses performed well, adding clients and deepening relationships. We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth. Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded. Bank of America's sales and trading businesses continued their strong 2023 momentum this quarter, reporting the best first quarter in over a decade. Continued strong earnings and strong expense management both position our company to continue to drive our market leading positions across our businesses."