Nobody likes to be wrong, but I have to admit that I have significantly
underestimated just how willing investors would be to pay up for Bank of America's (NYSE:BAC)
above-average near-term growth, even if that growth is more a product
of just how bad things were rather than how good things are getting.
With the shares up more than 75% this year (and 20% in the last
quarter), investors continue to reward BAC for capping its legal costs
through settlements and launching expensive cost-cutting programs.
Although I still don't see much long-term value in these shares, I
cannot ignore that Bank of America is going to post some of the best
year-on-year growth numbers this year, and that that is Wall Street is
craving from the banking sector today.
Read more here:
http://www.investopedia.com/stock-analysis/071713/bank-america-brings-growth-bac-c-wfc-usb-jpm.aspx
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