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Bank of America Corporation Message Board

  • cchaker cchaker Jan 30, 2013 9:17 PM Flag

    Banks to See 14-Year Run Higher: #$%$ Bove

    Banking analyst #$%$ Bove may have changed firms, but he hasn't altered his rosy view of the industry.
    He has accelerated his bullishness on big financial institutions, predicting an unbridled 14-year run higher for banking stocks. The former Rochdale Securities analyst met the media Wednesday for the first time since switching over to Rafferty Capital Markets, a small player in the field but one where he said he feels comfortable to continue his often outspoken analysis. Rochdale collapsed after a rogue trader in late 2012 brought the firm down. Following a year in which financials led the stock market higher, Bove said the industry is now in a position to continue that leadership role and reward investors who got hammered during the financial crisis. "What I'm suggesting is for the next 14 years - you'll have some setbacks, some recessions - (but) bank earnings will do what they did from 1992 to 2006," he said. "They're going to go straight up."
    Banks Could Have a Record Fourth Quarter: Bove)
    "Investors in this industry obviously have to get out at the right point in the cycle, but they're going to make a great amount of money," he said. Among his top picks are Goldman Sachs (GS), Bank of America (BAC), JPMorgan Chase (JPM) and Citigroup (NYSE:C). In small banks, he likes PNC Financial (PNC), Comerica (CMA) and Fifth Third (FITB), and recommends Lazard Capital, Greenhill and Evercore among advisory firms. He cited a variety of reasons for his thesis, but primarily he simply expects bank earnings to continue to defy expectations as the U.S. economy recovers.

    Sentiment: Strong Buy

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