Typically speaking when an equity starts to run it tends to do so in "3's." Yesterday was Session 1 of a break-out run. There may be (at least) 2 more sessions of this before consolidation occurs. As for $18...my WAG is the pps will get there.....when? Who knows. Let's take it one step (session) at a time and see how it manifests. PM bid $16.14.
When BAC returns to its normal 12.5 PE, then $2/sh earning next year will take it to $25, but it'll run ahead of that as the business environment gets better so doubling by the end of next year (16 months) isn't out of the question. With those earnings, they could easily pay a $0.50 dividend & still not pay out as much as the other banks (it would need to be around $0.75 to match theirs.)