Three reasons to own the Bank of America stock right now

Bank of America Corp (NYSE: BAC) has been a disappointment for shareholders this year, but Hightower’s Stephanie Link continues to keep it on her portfolio.

Link’s reasons to own Bank of America stock

BAC is a good pick here because it’s sensitive to the rising rates. Link, however, has other reasons as well to remain constructive on the stock. This afternoon on CNBC’s “Halftime Report”, she said:

Bank of America has also done such a good job in terms of technology spent over the last decade. And their costs were guided to be flat this year while everybody else’s costs were going sky high. So, I like this one.

In April, the multinational investment bank reported market-beating results for its fiscal Q1 and forecast continued strength as rates keep moving up.  

Jon Najarian likes BAC on credit card spending Jon Najarian is rather dovish on the bank stocks at large. Interestingly, however, even he likes Bank of America better than its peers. Explaining why on the same CNBC interview, he said:

Credit card spending is up 13% year-over-year. I think that will continue. As consumer draw down on their savings, they’ll be forced to use credit cards more and more. And that’s an area that BofA really does bank money on.

A day earlier, the Charlotte-headquartered bank reported data that showed continued growth in consumer spending. Wall Street, on average, sees a 35% upside in the stock from here.

The post Three reasons to own the Bank of America stock right now appeared first on Invezz.

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 All Rights Reserved.

To Top