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Ken Lewis Says BofA Is Fine. Do We Buy It?

He also notes that banks are difficult to value, with unknown quantities of unknown assets at unknown prices on their books. Furthermore, the economic recovery that could help stem defaults and boost banks' business is far from evident today. All of those concerns led S&P to downgrade ratings on Bank of America debt on Tuesday.

"There will be a huge snapback rally in financials at some point," says Sorrentino "but that might be far down the road."

Or, as Roger Young, portfolio manager of Miller/Howard Investments, puts it: "Bank of America is at $3.75 today. It might be a better buy at $5 than it is at $3.75."

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