Posted 12/14/2023, 10:28:00 PM
Bove Upgrades Bank Stocks on View Inflation Ended, Fed to Cut Rates
- Analyst Dick Bove upgraded 5 bank stocks to buy from hold, including Bank of America and PNC Financial
- The upgrades were based on Bove's view that inflation has ended, according to Fed Chair Powell's comments
- Lower rates raise loan demand, benefiting large banks like Bank of America and regional bank PNC
- Bank of America stock rose nearly 6% and PNC stock gained almost 5% on Thursday following the upgrades
- Bove said Powell's comments clearly signaled inflation is over, allowing the Fed to cut rates next year