Bank of America (NYSE:BAC) — This is the second largest U.S.-based financial holding company with global assets of $2.13 trillion. Recent reviews by Wall Street analysts have resulted in upgrades. Earnings for 2011 were just $0.01, but estimates for 2012 range from $0.34 to $0.49, and the average estimate for 2013 is $0.96.
The stock, along with other bank stocks, was upgraded Monday by the well-known bank analyst Meredith Whitney, who said, “The banks right now are more adequately capitalized,” and she took special note of BAC as undervalued.
Technically, BAC broke from a 10-month cup-and-handle formation in early December, and Monday confirmed the break by gapping to a new high. The target for BAC is $14.