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Wednesday, November 18, 2009
Hedge Funds Says BofA Could Double
By Darryl R. Isherwood
FOXBusiness
Hedge fund Paulson and Co. is betting Bank of America (BAC) is set for a rally, telling investors that the stock will almost double in the next two years, Bloomberg reported Wednesday.
In a quarterly investor letter, the hedge fund, run by billionaire John Paulson, said the stock could rise to $29.81 by December 2011.
Shares of the company closed up nearly 4% Wednesday at $16.35.
Paulson said the company will pass through the current write-down cycle and have “visibility for growth in 2012.”
Paulson manages about $29 billion and invests in financial companies hurt by mortgage write-downs.
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