Despite its myriad troubles and doubters on Wall Street, Bank of America has a friend in Dick Bove.
The widely followed vice president of equity research at Rafferty Capital Markets is such a believer in BofA that he holds a well-above-consensus price target on the institution, and in fact believes that its share price will double in the next four years.
At a time when BofA's management has come under fire after , Bove sees that tumult as the very reason for him to maintain the optimism he has had for the company since the dark days of the financial crisis..
"Events in recent weeks related to management shifts at the institution only further confirm that view," he said in a note to clients.
In particular, Bove gushes over CEO Brian Moynihan, calling him a "brilliant" leader who took over "a devastated organization."