Monday, June 7, 2010

"Bove Cuts His Price Target for Bank of America Stock" (BAC)

From DealBook:
Richard X. Bove, the banking analyst at Rochdale Securities, cut his price target for Bank of America on Monday to $22.80 a share from $27.50, saying the bank faced “serious challenges” from multiple sources.
But Mr. Bove kept his “buy” rating for the stock, saying that it was still cheap given the bank’s price to book value. Bank of America’s shares currently trade around $15.
Mr. Bove said he was concerned about potential regulatory changes, which he said would touch upon every aspect of Bank of America’s business....MORE