Bank Of America: Investors Are Irrationally Optimistic On Its Valuation (BAC) – Seeking Alpha

Bank Of America: Investors Are Irrationally Optimistic On Its Valuation (BAC)
Seeking Alpha
Therefore, the combined return of ~12-13% likely warrants a valuation of 1.2-1.4 times allocated tangible equity (given inherent volatility of investment banking, one would expect a higher cost of capital and therefore a lower multiple on book value

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