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BAC Stock Forecast: Take Advantage of the Dip in Bank of America’s Stock Price

The article was written by Motek Moyen Research Seeking Alpha’s #1 Writer on Long Ideas and #2 in Technology – Senior Analyst at I Know First.

Bank of America’s stock is still trading notably lower than its 52-week high of $35.72. Most investors believe banks have a headwind from COVID-19.
Millions lost their jobs and many small/medium businesses closed. It is obvious that banks will see increased loan defaults due to COVID-19. .
Bank of America is big enough. It can weather the temporary headwind from a global pandemic. More importantly, government central banks are always ready to prop up banks.
The cheap stock of Bank of America makes it very attractive. Tipranks gives this bank’s stock an average price target of $29.14.
I Know First has a very bullish one-year forecast score for BAC.