Morgan Stanley downgraded Bank of America (BAC) to Equal Weight from Overweight with a price target of $55, up from $48. The firm now sees a more balanced risk reward and prefers money centers with a higher skew to capital markets, the analyst tells investors. In 2026, the firm estimates investment banking and trading will reflect 27% of revenues at BofA, 32% at Citi (C) and 68% at Goldman (GS), adding that in a bear case, BofA is more credit exposed versus capital markets pure plays.
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