Commenting on any potential fallout from data released by Wikileaks, Rochdale Securities' Dick Bove said there shouldn't be anything released that hasn't already been heard, and it shouldn't have much impact, if any, on Bank of America (NYSE:BAC).
Julian Assange has even said in general that he has so much data it's hard to release it in a meaningful manner in a way it could be quickly accessed.
That probably affirms Bove's assertion there won't be anything new in the data, although it's sure to stir up a lot of memories, if that's of any consequence.
Bove speculated saying, "It may be that the executive indicated that Bank of America was fully aware of all the write-offs and bonuses at Merrill...," Bove said. "Or, the data may deal with Countrywide's underwriting policies and some type of collusion between the bank and Countrywide related to the issuance of securities. Possibly the "friends of Angelo" may be revealed including Senator Dodd's relationship with the company."
Bank of America closed Tuesday at $10.95, dropping $0.36, or 3.18 percent. Bove maintains a "Buy" rating on the financial giant, and a price target of $19.25.
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