Bank of America Is Going to $60

A simple piece: Buy Bank of America (BAC - commentary - Cramer's Take). The reaction? Radical enthusiasm. From smart guys. Big guys. This is the one that has really weathered the storm. This is the bank that has come through this with remarkable élan and panache.

Frankly, I am amazed. I have recommended many stocks here and never received the outpouring that I have seen on this one.

It's not just the dividend or the commitment to shareholders. It is also the knowledge that the company now seems to have discipline about acquisitions. The buy of the stake of Countrywide (CFC - commentary - Cramer's Take) is a good example of disciplined, on-the-fly thinking.

I had been thinking to buy this one after the Big Bad Employment number. That's wrong. I am now predicting a very weak number. That could break BAC out of this 5% yield game and in to the 4% yield gang, like JPMorgan (JPM - commentary - Cramer's Take). This is a better bank than JPM without nearly as much of the hideous exposure to the bad leveraged buyouts.

In other words, I think BAC is going to $60.

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At the time of publication, Cramer had no positions in the stocks mentioned.

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