NEW YORK (TheStreet) -- "If you're bullish on America, you should be bullish on Bank of America," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he outlined 10 reasons why investors should no longer be scared of this once loathed and reviled bank.
Cramer said while the media still loves to attack Bank of America (BAC), a stock which he owns for his charitable trust, Action Alerts PLUS, the fact is that the company is in much better shape than it was two years ago. Here are the reasons why.1. The technicals indicate future upside. Cramer said while the pundits argue the merits of Bank of America's recent $12 to $14 a share move, he's looking at the bigger picture, where the once $54 stock has a lot of room to grow. 2. It doesn't need to raise money. Cramer said the fundamentals at Bank of America are sound, and the company doesn't need to raise additional capital to survive or flourish. 3. Dividend boosts are likely. Cramer recalled that Bank of America used to pay a bountiful dividend, and those dividends will likely be reinstated soon. 4. It's gained market share in mortgages. With Bank of America's Countrywide acquisition, it now controls 20% of the U.S. mortgage market. 5. A housing recovery opens doors for profits. Cramer said Back of America owns more homes than anyone, so an uptick in home buying and home prices will be huge for the company, especially as a housing shortage is likely in 2012. 6. Ben Bernanke is watching. Cramer said the Federal Reserve chairman is still looking after the banks, giving them all the help they need. 7. Individual investors are buying stocks. Cramer said as more and move investors return to the markets, Bank of America's Merrill Lynch arm will continue to grow. 8. Job creation is key for better credit. Cramer said as unemployment improves, so will consumer credit and the ability to buy homes. 9. Change has come to Washington. With financial regulations over, there is finally clarity and certainty for the banks.
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