Bank of America upgraded to Buy HSBC, UBS; Truist raised to Buy at HSBC (BAC:NYSE)

Both HSBC and UBS upgraded Bank of America (NYSE:BAC) to Buy, both citing the higher-for-longer rate environment as benefiting the money center bank.

“Rate backdrop, investment banking landscape, and regulatory easing provide favorable earnings backdrop,” wrote HSBC’s Saul Martinez, who also upgraded Truist Financial (