Raymond James Defends Bank of America (BAC); Calls Recent Items "Absurd"

Raymond James is defending Bank of America (NYSE: BAC) this morning on the recent sell-off.

The firm said, "Recent news items have been as absurd as any we've seen in many years of following the company." They said the comapny has excess liquidity, a flexible and sound balance sheet, high reserves, and "more than enough capital to put the mortgage mess behind it without issuing a single new common share."

The firm said additional mortgage settlement expenses won't likely exceed $10 billion.

The firm reiterated their Strong Buy rating and $16 price target.

For a rating history on Bank of America click here

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