Bank of America’s latest earnings results offer insight into the sentiment of U.S. businesses on M&A in the coming year. “The consumers are still spending, and our business clients are profitable and increasingly optimistic,

Bank of America Corp.’s Chief Executive Brian Moynihan said the bank is seeing “broad momentum” that “sets up 2025 very well” as the financial giant’s outlook for 2025 net interest income topped analyst estimates. The bank also said it’s seeing more confidence in economic growth from clients.

Bank of America (BofA) analysts upgraded Toronto-Dominion Bank (TD.TO)(TD) to a “Buy” rating on Friday, citing “increased confidence” in the bank’s leadership. BofA Securities joins several other institutions that have identified upside in TD’s stock after a year of turmoil in 2024 defined largely by anti-money-laundering issues in the U.