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  • Bank of America Corp. (NYSE:BAC) is Still a Strong Buy

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    Wednesday July 21, 2011 at 09:52 am EST
    Bank of America Corp. (BAC) is Still a Strong Buy  
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    Bank of America Corp. (NYSE:BAC) shares gained 2% this morning and are currently trading at $10.06. Yesterday the shares gained 3% on New York Stock Exchange composite trading as analysts from Wells Fargo & Co., Citigroup Inc. and Nomura Holdings Inc. wrote that the biggest U.S. lender probably won't need to raise capital.

    Till date, Bank of America Corp. (NYSE:BAC) shares are still down 26% this year due to mortgage settlement costs and concerns that the Charlotte, North Carolina-based firm would need to sell stock to conform to new international rules. Investors are still considering BofA is a 'Buy' with 20 analysts recommending investors accumulate shares of Bank of America while 18 recommending holding the position and none recommending selling according to Bloomberg data.

    As per reports last month, Bank of America Corp. (NYSE:BAC) is also considering sale of at least part of its $21 billion stake in China Construction Bank Corp.. The sale would simultaneously raise cash and reduce assets that are penalized under the Basel standards.

    Shares of Bank of America Corp. (NYSE:BAC) closed at $9.85 on Tuesday at just above support level of $9.75. There is no significant support below. Resistance levels above are $10.23, $10.55, $11.16, $11.84, $12.43 and $13.4.
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