Bank Of America Corp (BAC) Proved To Be One Of Jim Cramer’s Weakest Stocks

We recently published Jim Cramer’s Biggest Losers: 10 Stocks That Just Didn’t Work Out. Bank Of America Corp is one of the stocks discussed by Jim Cramer.

Banking giant Bank Of America Corp’s shares are up by 20.7% over the past year and by 5% year-to-date. Citi discussed the firm on June 23rd as it raised the share price target to $66 from $62 and kept a Buy rating on the shares. Citi based its coverage on Bank Of America Corp’s management commentary and outlined that it expected the firm to deliver strong second quarter earnings. A couple of days later, on the 29th, Morgan Stanley also raised the share price target. It hiked Bank Of America Corp’s price target to $67 from $61 and kept an Overweight rating on the stock on the back of an expected buildup in revenue momentum. The shares currently trade at a trailing price-to-earnings ratio of 14.6 and a forward P/E ratio of 13.21. Even though Cramer had asserted in January that the stock should be trading at a P/E of 15, it seems that the market doesn’t agree with him:

“Look, Bank of America, okay, that sells at 15 times earnings. I’m sorry that’s an insult to Brian Moynihan. 15 times earnings, they have a lot of technology, they’ve done a really good job, they keep adding accounts. And it sells at 15 times earnings. So you can buy that and have it go higher.”

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