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Bank of America Corp (NYSE: BAC) shareholders have enjoyed some sharp upside in their stock over the last two weeks, right along with the broader equity rally.
With key technical resistance just above current levels and the FOMC officially ending its QE program, will Bank of America be able to muster the strength necessary to breakout to the upside?
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What The Bulls See
- A dividend yield of 1.2 percent.
- Some cheap valuation metrics: A price-to-book ratio of 0.80 and a price-to-sales ratio of 2.09.
- $597 billion in cash equivalents versus only $545 billion in total debt.
What The Bears See
- Some rich valuation metrics: A market capitalization of $178.67 billion versus an enterprise value of $127 billion, a PE ratio of just over 11 which seems a bit expensive when compared with negative 2015 revenue and EPS growth estimates.
- Fairly thin profit margins of 6.67 percent.
The Technical Take
Technicians note that Bank of America may be in the latter stages of the "c" wave of an "abc" upside correction. The "correction resistance" for this move comes in at $17.14. Any close above that level would open up more upside potential for Bank of America shares, with $17.51 and $17.75 as the next projected resistance levels. If that resistance level holds up, though, the downside projection for Bank of America would be $15.62.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.