Back on March 7, when the financials stocks were melting down, Dick Bove came on CNBC and told the world to buy the banks. He also had this to say about Citigroup:
I think the stock will be trading at $55 in the next 3 years, concludes Bove, which is double from where it is at the present time. “You only get a once in a generation chance to buy a stock like this at this price. This is it,” he says.
http://www.cnbc.com/id/23522110/
Today, Bove put sell recommendations on the Investment Banks.
http://www.dollardrops.com/dollar/2008/05/22/ladenburg-thalmann-cuts-ratings-on-morgan-lehman-merrill/
At least now we know what it means on Wall Street for "a once in a generation chance to buy." It's good for two months!
And on Wall Street, when an analyst talks, you'd better parse the difference between a bank and a broker, with as much carefulness as President Clinton defining the meaning of the word "is."
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