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Top 6 Stocks to Buy for January

Kick off the new year by adding these blue chips to your portfolio

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Top Stock to Buy #3 – Bank of America Corp. (BAC)

Bank of America Corp. (NYSE:BAC) is the second largest U.S.-based financial holding company with global assets of $2.13 trillion. 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.

BAC, along with other bank stocks, was upgraded in December 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 confirmed the break by rising to a new high at $11.69. The trading target for BAC is $14. Longer term the stock could trade in the low $20s.

BAC Chart
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Trade of the Day Chart Key

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