Bank of America may write down $6.5 billion: analyst
By MarketWatch
Last Update: 3:34 PM ET Mar 22, 2008
NEW YORK (MarketWatch) — Bank of America Corp. could tally a $6.5 billion
provision in the first quarter to cover potential losses in its home equity and
mortgage portfolios, Punk Ziegel and Co. analyst Richard Bove was quoted as
saying by the Bloomberg news agency.
All the same, the bank will still report a profit when it releases its next
quarterly results April 21, Bove was reported to say Saturday.
Bove has a buy rating on Bank of America (BAC) shares, the report said.
The analyst also wrote that he doesn’t foresee an economic slide that would
create the need for Bank of America’s record reserve buildup, citing the change
in the value of the dollar and steps by the Federal Reserve as likely to ease the
credit crisis, the report said.
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