Dick Bove's "Once in a generation call" = Buy C in March 2008

Discussion in 'Stocks' started by Tauvros, Apr 29, 2010.

  1. Tauvros

    Tauvros

    No different than Cramer, no accountability as I remember this clown pounding the table that C was a buy all the way down from $55 ......

    Dick Bove's "Once in a generation call"
    Back on March 7, when the financials stocks were melting down, Dick Bove came on CNBC and told the world to buy the banks. He also had this to say about Citigroup:

    I think the stock will be trading at $55 in the next 3 years, concludes Bove, which is double from where it is at the present time. “You only get a once in a generation chance to buy a stock like this at this price. This is it,” he says.

    Friday, 7 Mar 2008
    Trade Of A Lifetime?
    Posted By:Lee Brodie
    Topics:Stock Market | Stock Picks
    Companies:Citigroup Inc

    In what many consider to be the boldest call on the Street in a while, Punk Ziegel's Dick Bove called Citigroup the best buying opportunity he’s ever seen.

    Dick Bove joins the traders to explain his reasoning. Following is a synopsis of his main points.

    - Citigroup is at its cheapest levels since 1990

    - The stock is currently trading 8% below book value, an historically wide margin

    - Even when you exclude writedowns, the stock seems cheap. And Bove thinks the writedowns should be less than expected.

    - One of the big problems with Citi in the past was its weak management, but they might have turned the corner. Bove thinks the current team is a significant upgrade over the previous regime.

    - And as an added benefit, no bank has the global reach that Citi does.

    The Bottom Line: I think the stock will be trading at $55 in the next 3 years, concludes Bove, which is double from where it is at the present time. “You only get a once in a generation chance to buy a stock like this at this price. This is it,” he says.

    Gotta watch this priceless vid as the "fast money" clowns agree.....

    http://www.cnbc.com/id/23522110/