Bove: Time to bet on banks

August 4, 2009 | By Jim Kim

Richard Bove, the ubiquitous bank analyst, has emerged as the industry's biggest bull. Since the markets hit a 10-year low on March 9 financials have roared back, considerably outpacing even the Standard & Poor's 500.

Bove thinks the run is far from over. He tells Forbes that earnings can quintuple from their already high first-quarter levels. If the economy cooperates, the benefits of building reserves will allow a lot more to fall to the bottom. His rosy scenario depends on the economy growing 0.5 percent in the fourth quarter and 1.5 percent in 2010, which is quite reasonable.

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