Bank of America Corporation (NYSE:BAC) — despite rising more than 6% in the past couple weeks and still trading near 52-week highs — still looks like a solid bargain when projecting out to the next 12 to 18 months. This run on bank stocks — which has sent the KBW Nasdaq Bank Index higher — also has been fueled by broadly positive Q2 earnings results from Bank of America’s too-big-to-fail peers, including JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc (NYSE:C) and Wells Fargo & Co (NYSE:WFC). In the case of BAC stock — which has risen 13% year-to-date, while climbing 72% in 12 months — the bank is no longer in “recovery mode” and has evolved toward sustainable growth.
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