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Banking Guru Tom Brown Thinks Bank of America Is Significantly Undervalued
Posted by: CanadianValue (IP Logged)
Date: January 17, 2013 05:16PM
Okay, time to check in with someone who probably knows what he is talking about when it comes to the banking sector, Mr. Tom Brown of Second Curve.
Bruce Berkowitz is famously long Bank of America (BAC) and Brown agrees that it is attractively priced. Here are his thoughts from earlier today after the BAC earnings were released:
- He thought the earnings release was terrific and that 2012 was a year of massive improvement for Bank of America.
- Over the next few years Bank of America is going to be a great dividend and repurchase story.
- He thinks BAC trading under tangible book value, with the ability to make $2.50 per share in a couple of years, is significantly undervalued today.
Stocks Discussed: BAC, JPM, C,