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. 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


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