BofA ‘Massively Undervalued’ by Investors, Bove Says
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Bank of America Corp. is being “massively undervalued” by investors, and its stock will recover as earnings outpace costs linked to troubled home loans, said Richard X. Bove, an analyst at Rochdale Securities LLC.
“Under the bleakest of scenarios Bank of America’s book value will rise in the next three years,” Bove, who is based in Lutz, Florida, wrote today in a note to clients. “At some point the market will adjust to the company’s real values.”