Meredith Whitney Thinks Paulson's Timing On a BofA (BAC) Double May Be Wrong
Popular banking analyst Meredith Whitney questioned the time frame billionaire hedge fund manger John Paulson thinks Bank of America (NYSE: BAC) will double by.
In a recent letter to investors, Paulson said he believes BofA will rise to $29.81 by December 2011. But in an interview on Bloomberg Radio today Meredith said "I just don't know if it's going to be 2012 or 2015." She said, "theoretically, sure it could double. It's just a question over what time frame."
Paulson's latest quarterly filing showed he owned 159,794,229 common shares of Bank of America, down from 167,990,464 shares. He said while the fund is up on its investment in Bank of America "considerable upside remains."
Among other banks stocks, in the quarter ended September 30, Paulson also accumulated 300,000,000 million shares of Citigroup (NYSE: C), lowered his stake in JPMorgan Chase (NYSE: JPM) and liquidated his stake in Goldman Sachs (NYSE: GS).
Paulson gained notable fame over the past few years after making billions for himself and his firm betting against the US housing market.
Meredith Whitney made headlines recently after she said she has not been this bearish on the market "in a year."
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