Keefe, Bruyette & Woods Upgrades Bank of America (BAC) to Outperform
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Keefe, Bruyette & Woods upgrades Bank of America (NYSE: BAC) to Outperform. Price target increased to $16.50.
Keefe analyst says, "BAC has raised $33.0B of the $33.9B of new Tier one common mandated by SCAP. The completion of these capital raising actions takes away a level of uncertainty that kept us from being positive on the shares. With details in place and more clarity on the ultimate share count and thus normalized EPS, we are upgrading BAC shares on their sub 4x valuation on $3/share of normalized earnings. Raising PT."
Bank of America Corporation, a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally.
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BAC's LONG
Scott Goldie on Jun 11, 2009 07:40 AMBAC has a good long term future after acquiring Meryll Lynch, and expect it to be a good bank again in 2-3years time, maybe at a price of $30-40 range?