Why This Hedge Fund Manager Thinks Bank Of America Is Much Cheaper Than JPMorgan Chase
Todd Sullivan was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
Hedge Fund Manager and Rand Strategic Partners Founder Todd Sullivan discussed Bank of America Corp (NYSE: BAC) on the show.
Sullivan felt that Bank of America Corp was "significantly cheaper to own" than JPMorgan Chase & Co. (NYSE: JPM) and Bank of America's "litigation problems are largely behind it."
Sullivan looked for the stock to return to book value in the $22 to $23 range.
Other bank stocks, including JPMorgan, were trading above book value, making Bank of America's valuation more attractive, in Sullivan's view.
Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-B) would also become a significant shareholder when it converts its warrants, Sullivan noted, which spoke to Buffett's confidence in the bank.
Bank of America recently traded at $15.56, up 0.32 percent.
Listen to the show here:
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Posted-In: #PreMarket Prep Rand Strategic Partners Todd SullivanExclusives Trading Ideas Interview
