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  • normlasky normlasky Apr 25, 2011 8:15 PM Flag

    Bove Downgrades 3 Regional Banks; Goldman Analysts Disagree

    Bove had a screaming buy on Citi at $20 couple of months before it tanked.

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    • So, what's your point? How does this relate to his downgrade yesterday?

      Bove has long been a fan of Citi and he did repeat his buy rating on the stock in March, 2008, when it was about $22.00 per share and he put a $34.00 price target on it at that time. I believe the 52 week low on the stock was about $21.00 at the time Bove reiterated his Buy. Now I am not particularly a fan of Bove, but to be fair you should put things in context before you start pointing to what turned out to be a really bad call. An obvious bad call? In hindsight absolutely; however, three years ago it was defenitely bullish but not irresponsible.

      Keep in mind in March 2008 BB&T was selling at around $33.00 per share compared to about $41.00 a year earlier. I know for a fact that BB&T holders felt it was a screaming bargain in March, 2008 and in a historical context it was. Time changes things.

 
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