BofA Shares Can Triple: Bank Analyst

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S2007S

Remember when no one wanted BAC shares!!!!!




BofA Shares Can Triple: Bank Analyst
Published: Thursday, 11 Jun 2009 | 3:52 PM ET
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By: JeeYeon Park

Bank of America's Ken Lewis testified at a U.S. House Oversight and Government Reform Committee hearing on the financial giant's acquisition of Merrill Lynch.

But Anthony Polini, bank analyst of Raymond James & Associates, said the hearing is more of a clearing of grievances—and recommended investors buy BofA stock.

“I’ve been following banks for more than 20 years and I’ve never seen a company come out of a recession with so much core earnings power and so much strength,” Polini told CNBC.

“Bank of America [BAC 13.7192 0.7492 (+5.78%) ] looks like an easy double in a year and it looks like a triple in 2 years from this level.”

A different take:

* Faber Report: The Question Ken Lewis Never Gets

Polini said Bank of America had better-than-expected stress test results and already raised $32.9 billion in equity.

“We look at the core earnings power,” he said. “Going forth, the political risk factors, the regulatory risk factors, the economic risk factors — they’re all improving.”
 
This is my favorite part on why he is so bullish on BAC:


“I’ve been following banks for more than 20 years and I’ve never seen a company come out of a recession with so much core earnings power and so much strength,” Polini told CNBC.


"so much core earnings power"????


of course when you change accounting rules for the better earnings are going to be a great driving force for the stock moving forward.
 
They can borrow at near "0" and loan it out at 4-7%. Pretty hard to not make money. Plus, they have us taxpayers to fall back on. :D
 
I think BAC and it's related analysts are just pumping up the stock to meet gov't requirements.

they've already done the dilution and now they need more so next alternative would be to pump up the stock price....guess what? I think they'll get it up to the 20's. might be worth trading since there's already a bias upside.
 
Yeah would've been a good pick.

Just bounced off a trendline.

I'm looking to see it test the resistance at 15.

See how it goes...

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