×

Trade Of A Lifetime?

In what many consider to be the boldest call on the Street in a while, Punk Ziegel's Dick Bove called Citigroupthe best buying opportunity he’s ever seen.

Dick Bove joins the traders to explain his reasoning. Following is a synopsis of his main points.

- Citigroup is at its cheapest levels since 1990

- The stock is currently trading 8% below book value, an historically wide margin

- Even when you exclude writedowns, the stock seems cheap. And Bove thinks the writedowns should be less than expected.

- One of the big problems with Citi in the past was its weak management, but they might have turned the corner. Bove thinks the current team is a significant upgrade over the previous regime.

- And as an added benefit, no bank has the global reach that Citi does.

The Bottom Line: I think the stock will be trading at $55 in the next 3 years, concludes Bove, which is double from where it is at the present time. “You only get a once in a generation chance to buy a stock like this at this price. This is it,” he says.

Read More
> Punk Ziegel: Buy Citi on Talk of Capital Strength

______________________________________________________
Got something to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to fastmoney@cnbc.com.

Trader disclosure: On Mar. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC), (YHOO); Pete Najarian Owns (AAPL), (C), (CSCO), (MS), (MSFT), (XLF), (MCD), (BKC); Pete Najarian Owns (COP) Calls, (AMAT) Calls; Pete Najarian Owns (XLB) Puts, (USB) Puts; Pete Najarian Owns (YHOO) And (YHOO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (FLS), (HD); Finerman's Firm Owns (AAPL), (DVA), (FNM), (MSFT), (TSO), (WMT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (RTH); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owned (DVA) On 12/17/07, 2/12/08, 2/26/08