Stock price when the opinion was issued
The "too big to fail" banks have had strong recent earnings. US economy is doing quite well right now, benefiting from lots of tailwinds, new US president is pro-business. This position makes sense.
Whether to trim is more a question of portfolio weighting. Look at the money in your overall portfolio and in BAC specifically. If that position is over 5%, or 7% on its way to 10%, then maybe trim down to 2-3%. That way, if things reverse and the price comes down, it won't have an impact on your overall portfolio.
Loves the money-centre banks. Not quite as expensive as JPM, but more interest-rate sensitive. A gently falling interest-rate environment (which he thinks will come to pass, though it's up for debate), net interest margins will widen and that's traditionally good for banks. Capital markets business has really built up, and will open up post-Biden. Economy in pretty good shape. Undemanding valuation. Yield is 2.3%.
(Analysts’ price target is $52.46)
They just reported a modest revenue beat and strong earnings beat. All 4 segments grew, though cost controls were merely okay at a modest beat. Expense guidance was merely in-line. BAC is doing fine, not great like its peers.