Is Bank Of America Ripe For A Turnaround?

US markets have been struggling since the beginning of the year as worries about China weigh on share markets. While there have been some pockets that have continued to rise despite concerns about the global economy, the majority of publicly traded firms have been caught in the crossfire. However, the market's slump has created an opportunity for contrarian investors who are looking for cheap deals on stocks that are poised to make a comeback; and one such firm could be Bank of America BAC. Interest Rate Help Banks are due to begin releasing their fourth quarter earnings in the coming days, and that has placed a lot of focus on whether or not the sector is in for another bumpy year, or if the Federal Reserve's rate hike decision will help buoy earnings. With the Fed tightening, investors are expecting Bank of America to be one of the biggest beneficiaries, alongside Citigroup Inc. C and JPMorgan Chase & Co JPM. Buying Opportunity However, with Bank of America's share price down 11.63 percent over the past month, many are looking to the financial institution as an opportunity to make some money before the benefits of a higher interest rate environment kick in during the first quarter. Not only that, but many analysts believe that 2016 is the first year that Bank of American will finally be able to put the financial crisis firmly in the rearview mirror. While the bank is still struggling to keep up with peers in the industry when it comes to revenue, Bank of America is finally in a position to shift its strategy more towards revenue generation and away from damage control.