Oppenheimer raised the firm’s price target on Bank of America to $50 from $49 and keeps an Outperform rating on the shares. The firm notes the company’s $14.1B of net interest income in Q3 marks a 1.8% quarter-over-quarter increase, or nicely ahead of just 1.1% embedded from day count, as the inflection has materialized and is expected to continue into Q4 and beyond. While Oppenheimer doesn’t expect forward curve volatility to end relatively soon, thus noise in quantifying any net interest income ramp will likely remain, it would rather encourage investors to focus on the forest of potential post net interest income drag. Namely, the foundation for slow and steady positive operating leverage, all the while capital markets activity remains well below a normalized throttle.

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