Bank of America has been upgraded to a Buy rating by both HSBC and UBS due to the positive impact of a higher-for-longer interest rate environment.

HSBC analyst Saul Martinez emphasized that the current rate backdrop, along with a supportive investment banking landscape and regulatory easing, creates a positive earnings outlook for the bank.

Truist Financial has also received a Buy rating from HSBC, indicating similar optimism about the financial sector's performance in these conditions.

These upgrades demonstrate confidence in the resilience and growth potential of these institutions in the changing economic landscape.