This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Bove Says Bank of America Will Hit $30 in 4 Years ... Seriously

Not all analysts are in agreement. In a Jan. 31 report, Stifel Nicholas analyst Christopher Mutascio argued "normalized earnings" for Bank of America--which he expects it will reach in 2014--is $1.14 per share, down from his previous estimate of $1.85. The biggest driver of the downward revision comes from Mutascio's expectation of lower fee income on a drop in equity investment gains and reduced investment banking and trading profits.

And Bove has been too optimistic too early on Bank of America in the not-too-distant past. In May of 2010, for example, he argued Bank of America shares, which were worth $15.40 at the time, would hit $99.31 by 2015. In that same interview , he argued Citigroup (C - Get Report) would hit $24.75 in 2015, which, since the prediction came before the bank's one for 10 reverse split, would now equate to $247.50.

Seven months later, Bank of America shares had fallen to about $12.50 per share, but Bove predicted they would rise to $32 in about three years from that time, or by December 2013.

-- Written by Dan Freed in New York. Follow this writer on Twitter.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BAC $15.98 1.10%
C $53.36 1.80%
JPM $61.60 0.52%
AAPL $129.57 0.86%
FB $79.58 0.77%


DOW 18,242.48 +109.78 0.61%
S&P 500 2,113.92 +9.42 0.45%
NASDAQ 4,999.9710 +36.4440 0.73%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs