Has liked this for very long time. It has been the most farsighted and prescient with things that would be, including getting rid of all those mortgage-backed securities in 2007. It has lots of upside potential, as do all the banks. However, it has had a nice run. Technically it has an easy target of about $75-$76. Based on the last 10 years of trading, that is probably going to be it for the time being.
He had been anxious to see how diluted the BV was going to be. Actually, not much happened. The balance sheet remains pretty much intact. Now that all the rubbish is behind them, the company can do what they were doing. Analysts are starting to get a little friskier with their earnings forecasts. In the next 6-12 months, he thinks we are going to see more and more upside momentum. On top of that, they may very well reinstate part of the dividend. The stock is trading at a huge discount to Book. (Analysts’ price target is $17.)