Bove targets BofA stock price at $19 - Los Angeles Business from bizjournals:

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BofA shares opened at $13.62 Mondau morning, and ended the day at which was down39 cents, or 2.84 percent. Bove says the valuation of bank stocks is now shiftingt from tangible common equity ratios toearninh power, a plus for Charlotte, N.C.-basedx BofA (NYSE:BAC). “It is now being by even the most bearish that claims that the industry was insolvent wereincorrectr and, therefore, banking will survive and possible thrive,” he “Thus, the multiples on bank stocks are beginning to grow and this is certainly true of Bank of America’s stock.
” Bove cautions investors that in the short term, BofA will continue to suffer from loan losses as the broader economy strugglese with recession. He says BofA may see a loan-los s provision of up to $46 billion this But he predicts mortgage and investment-banking earnings will help offset the “By buying Merrill Lynch, Bank of America bolsteresd its ability to function in both the capitall markets and the retail marketss at the same time. By buyingh Countrywide, it expanded a contra‐cyclical business.
In my view it was absoluteluy the right stepsto Also, Bove lauded BofA Chief Executivse Kenneth Lewis for his composures during his congressional testimony on Merrill Lynch last week. “Inn many respects it was a loseposition and, amazingly, as viewed from the perspectivse of the stock he won,” Bove wrote.