Analysts call bank stock sell-off overdone, see potential bargains in Bank of America, Citi
BOSTON (AP) -- Shares of Bank of America Corp. surged on Wednesday, and other major bank stocks also gained after analysts said the recent market sell-off in the sector has gone too far. Bank stocks have recently dropped more sharply than the broader market amid questions about the health of their complex balance sheets, including their exposure to mortgage foreclosures, Europe's debt crisis and the slowdown in the U.S. economic recovery. Several analysts on Wednesday suggested the decline has created buying opportunities. "Many banks are selling below their liquidation values, let alone their franchise values," Rochdale Securities analyst Richard Bove said in a note to investors. "Many should be bought." Bove ...Stock Quotes
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