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Wells Fargo and RBC Capital both lowered their Morgan Stanley targets within the same stretch, while RBC also cut Bank of America to $60.
Two separate analyst shops lowered price targets on Morgan Stanley, with Wells Fargo citing caution on capital markets activity and RBC pointing to valuation, while RBC also cut Bank of America's target to $60.
Adjusted profit of $1.08 a share fell short of estimates, and an anti-money-laundering fine added to the damage, pulling SoFi lower in sympathy.
Bank of America shares fell 5% on Oct. 14, 2026 after adjusted EPS of $1.08 missed estimates and the bank took a $1.2 billion anti-money-laundering penalty.
Morgan Stanley beat estimates on trading strength and State Street beat on earnings, yet all three bank stocks fell in the same session.
Bank of America's third-quarter profit dropped 17% after a $1.2 billion money-laundering fine compounded a weak trading and investment-banking quarter, dragging the stock down even as Morgan Stanley and State Street also slipped despite beating profit estimates.
The bank's stock fell 3% in after-hours trading on Oct. 13 following the Treasury Department penalty, adding to a day already marked by rate-driven selling in rate-sensitive names.
Bank of America shares dropped 3% after hours on Oct. 13, 2026, after the U.S. Treasury Department announced a $1.2 billion fine against the bank.