TD Cowen lowered its price target on Bank of America to $64 from $66 but kept a buy rating, following the bank’s quarterly results. The broker highlighted management’s forecast that revenue will exceed expenses by about 200 basis points — roughly two percentage points — in fiscal 2026, according to a summary of brokerage notes. Analyst Steven Alexopoulos at TD Cowen said the bank’s revenue growth outlook remains solid. Meanwhile, Keefe, Bruyette & Woods cut its target to $63 from $64, and Truist Securities dropped theirs to $60 from $62, citing revised credit-loss assumptions and slower expected share buybacks. When investors mention operating leverage, they’re typically referring to that gap between revenue and costs. It’s crucial since banks might report better-than-expected earnings in a quarter but still falter in the market if future expenses threaten to eat into upcoming revenue growth.