Rochdale's Bove Boosts Price Target on Bank of America (BAC); Sees 45% Upside

September 22, 2009 8:50 AM EDT

Rochdale Securities' bank analyst Dick Bove raised his price target on Bank of America (NYSE: BAC) from $19 to $25, maintaining his Buy rating.

The change follows news last night that BofA is taking steps to reduce reliance on the U.S. government, by terminating the asset guarantee and exiting the debt guarantee program under the FDIC's Temporary Liquidity Guarantee Program.

Shares of BofA closed at $17.25 yesterday, providing 45% upside to the firm's new price target.

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