Presenting Anthony Polini's Bank Of America Price Target Accuracy Track Record
Today CNBC had to dig very, very deep to find a C-grade sellside analyst willing to stick his neck out and defend Bank of America. They ended up picking Raymond James' Anthony Polini. Why would Polini go out on a limb saying that Bank of America can exist for 2 years without incremental funding, and that all fears that the bank is undercapitalized are overblown? Well, as the chart below shows, he has been consistently wrong on the bank for the past 3 years, and his average error to the true stock price is about... 50%. On the chart below, the white line is his Price Target recommendation. As for the green square, it is self-explanatory. Anyone who listened to Polini over the past two years, has lost about 80%. But this time it is different. We promise. So, to answer our rhetorical question: one can not lose any credibility, if one never had any to begin with.
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