Bank Of America Stock Forecast Based On A Predictive Algorithm
Bank of America Corporation (NYSE:BAC) is a household name in the United States and for good reason. By assets alone, it is the nation’s second biggest bank. By Forbes’ 2010 definition, it is the third largest company in the world. Where numbers are concerned, BAC seems sufficient: it services 50 million customers, possesses 5151 banking centers, holds 16259 ATMs, operates within all 50 US states, and maintains a presence in more than 40 other countries.
Despite these solid statistics, BAC has faced continued controversies and lawsuits since 2008. The financial consequences and ethical implications of these events – particularly when taken alongside the United States housing crisis – make BAC a problematic investment, as I Know First Research confirms with its 1-month, 3-month, and 1-year forecasts for its Bank of America Stock Market Forecast.
Litigation Costs & Loss of Trust
BAC did indeed have its strengths in the pre-2011 era, but a series of controversies and lawsuits have significantly hindered its success.BAC is trying its best to recover from plague of legal issues. After having paid out several billion in settlements, BAC decided to sell half of its China construction Bank stake (as well as its Balboa insurance business) to elevate capital. It is also noteworthy to mention that BAC still holds a large market share: with the right maneuvering, its large customer base can assist it in making a rebound.
The bank is constantly trying to expand this base even further, creating low-fee banking for financially troubled customers in the hopes of repairing its suspicion-ridden reputation and attracting clients who, while not particularly profitable now, may be so in the long run. These efforts have seen results in the last few months: BAC has experienced modest gains, as predicted by the I Know First algorithm.
