It's Time to Buy Bank of America Shares (NYSE:BAC)

Bank of America Bullish Case (NYSE:BAC)

Jim Cramer mentioned buying Bank of America (NYSE:BAC) today and selling Wells Fargo (NYSE:WFC), for once he's making sense as BofA is still trading near the bottom of its 12 month range.

bacBank of America (BAC) shares are trading 0.15% from its 50-day moving average and just 10.7% away from its 52-week low.  The average target price from all the analysts covering Bank of America works out to $20.09, that implies a 47% return in one year from today's $13.65 price.

Over the past 12 months Bank of America Corp (BAC) shares have traded between $12.18 and its 52-week high of $19.86.  On Sept 9th Phil Van Doorn of The Street wrote:
If you look closely you’ll notice that four of the US’s largest holding companies, among them Bank of America (NYSE:BAC), are trading at record-low prices in terms of forward P/E ratio. Bank of America stands out because it trades at just 1.1 times tangible book value.  He goes on to say that “A play on Bank of America is a play on the nation’s economic expansion.”

Its appears that BofA shares have bottomed as of early Sept., if you believe they can make a comeback, now is the time to consider taking a position in the stock.

WallStNation.com Sponsors - Become one Today

Recent analyst action on BofA:

10-Sep-10 Reiterated RBC Capital Mkts Outperform $19 → $16
23-Aug-10 Upgrade Standpoint Research Hold → Accumulate
19-Jul-10 Reiterated Oppenheimer Outperform $22 → $19

 

WallStNation.comThanks for visiting WallStNation.com, to assist your investing research try using our Search (click to access) or review the list of Tickers (click to access) that link directly to articles related to the given stock/security.

To Browse our Most Recent Stories (click here)


Share WallStNation.com Content

Share this article with others, WallStNation.com is the Independent Wall Street Newspaper. Thanks for Reading!

Daily Market Summary




Please Review the WallStNation.com Disclaimer and remember that information provided by our site is at the investor's sole financial risk. Please Review for more Details