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

May 31, 2020
motek 1The 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.

Summary:

  • 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.

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