Dick Bove Calls BofA (BAC) Shares 'Massively Undervalued'
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Price: $63.17 -1.65%
Rating Summary:
26 Buy, 18 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
Rating Summary:
26 Buy, 18 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 9 | New: 24
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Shares of Bank of America (NYSE: BAC) are being bought Monday morning following a convicted call from Rochdale Securities' Dick Bove. The stock last traded at $10.79, up 2.6 percent from Friday's closing price.
Bove argues BofA shares are being "massively undervalued" by the market. The analyst notes the stock currently trades below tangible book value of $13.21 per share and even below cash of $12.03 per share.
Bove said, "Under the bleakest of scenarios Bank of America's book value will rise in the next three years... At some point the market will adjust to the company’s real values."
The analyst believes longer-term investors "willing to accept less than desirable returns near-term" should buy the stock.
Bove maintains a Buy rating and $14 price target on shares of Bank of America.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of BofA.
Also, to track all of Dick Bove's calls, check out our Dick Bove entity page.
Bove argues BofA shares are being "massively undervalued" by the market. The analyst notes the stock currently trades below tangible book value of $13.21 per share and even below cash of $12.03 per share.
Bove said, "Under the bleakest of scenarios Bank of America's book value will rise in the next three years... At some point the market will adjust to the company’s real values."
The analyst believes longer-term investors "willing to accept less than desirable returns near-term" should buy the stock.
Bove maintains a Buy rating and $14 price target on shares of Bank of America.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of BofA.
Also, to track all of Dick Bove's calls, check out our Dick Bove entity page.
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