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  • tyrone_jones1st tyrone_jones1st Apr 26, 2011 9:24 PM Flag

    Bove Downgrades 3 Regional Banks; Goldman Analysts Disagree

    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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    • I think the context was understood by everyone. He put a buy on a stock right before it completely collapsed (and would have gone bankrupt if paulson had let it).

      What are you saying? He didnt know that would happen, so you cant fault him for the call?

      I found your whole argument to be pointless.

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