Daily Economic Indicator: Bove says share value of top banks to double by 2010
Esteemed banking-industry analyst Richard Bove of Rochdale Securities says the top U.S. banks will see their share value double by the second half of 2010. Equity value will triple in three years, Mr. Bove said, as these banks are no longer under threat of collapse. "Getting another 100 percent out of these stocks from this level is not as big a move as one might think given where they've fallen from," he said. "The potential is there for a really surprisingly large increase in bank earnings. That's why people are buying bank stocks now and are ignoring the near-term losses. They're buying them because the longer-term outlook for earnings is astoundingly positive."
Bloomberg | 11/05
This story published in The Financial Services Roundtable SmartBrief on 11/06/2009
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