BofA Shares Can Triple: Bank Analyst

Bank of America's Ken Lewis testified at a U.S. House Oversight and Government Reform Committee hearing on the financial giant's acquisition of Merrill Lynch.

The Future of BofA
The Future of BofA   

But Anthony Polini, bank analyst of Raymond James & Associates, said the hearing is more of a clearing of grievances—and recommended investors buy BofA stock.

“I’ve been following banks for more than 20 years and I’ve never seen a company come out of a recession with so much core earnings power and so much strength,” Polini told CNBC.

“Bank of America looks like an easy double in a year and it looks like a triple in 2 years from this level.”

A different take:

Polini said Bank of America had better-than-expected stress test results and already raised $32.9 billion in equity.

“We look at the core earnings power,” he said. “Going forth, the political risk factors, the regulatory risk factors, the economic risk factors — they’re all improving.”

Disclosure:

Raymond James & Associates received non-investment banking securities-related compensation from Bank of America within the past 12 months.

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