WFC - Bank of America: Signs Of The Recession

2024-04-16 12:25:22 ET

Summary

• Bank of America's stock has performed well and kept pace with broader trends since October 2023.
• The bank's net interest margin and net interest yield have exceeded expectations and remained steady.
• Signs of the coming recession are showing up in many metrics. This is a great time to sell.

In our last coverage of Bank of America Corporation ( BAC ) ( BOFA:CA ), we have generally had the view that the franchise was fairly valued, and the returns would be average. We did do one shift from that view in late October 2023 as the stock became rather undervalued and offered a compelling entry point. Thanks to the barn burner of a rally that followed, we were forced to shift back into neutral and have remained there since....

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