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Your Best Bet in the Banking Industry

BAC broke from a cup-and-handle formation to new highs


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.

BAC Chart
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