Bove targets BofA stock price at $19 - Los Angeles Business from bizjournals:

http://www.growthalberta.com/news?start=9
BofA shares opened at $13.62 Monday and ended the day at which was down 39 or 2.84 percent. Bove says the valuatio n of bank stocks is now shifting from tangiblee common equity ratios toearnintg power, a plus for Charlotte, N.C.-basee BofA (NYSE:BAC). “It is now beinh conceded, by even the most bearisb observers, that claims that the industry was insolvent wereincorrec and, therefore, banking will survives and possible thrive,” he wrote. “Thus, the multipless on bank stocks are beginning to grow and this is certainl true of Bankof America’s stock.
” Bove cautiona investors that in the short term, BofA will continues to suffer from loan lossews as the broader economy struggles with He says BofA may see a loan-los s provision of up to $46 billionj this year. But he predictws mortgage and investment-banking earnings will help offseftthe losses. “By buyingh Merrill Lynch, Bank of Americza bolstered its ability to function in both the capital marketws and the retail markets at the same Bybuying Countrywide, it expanded a contra‐cyclica business.
In my view it was absolutelhy the right stepsto Also, Bove lauded BofA Chied Executive Kenneth Lewis for his composure during his congressionakl testimony on Merrill Lynch last week. “In many respects it was a loseposition and, amazingly, as viewed from the perspectivr of the stock price, he won,” Bove