Jefferies analyst David Chiaverini initiates coverage on Bank of America (NYSE: BAC) with a Buy rating and a price target of $60.00.

The analyst comments "Bank of America (BAC) – BUY: Our BUY rating reflects BAC's strong NII outlook of 5-7% over the next five years, supported by fixed-asset repricing, and expectations for disciplined expense growth that should drive durable operating leverage. BAC’s strong consumer deposit base is a positive differentiator, and we also value its solid credit quality. We believe improving ROTCE to 16-18% over 2-3 years (from 14% in 2025) should help narrow BAC’s valuation gap versus its closest peer, JPM."

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Shares of Bank of America closed at $48.14 yesterday.