Suddenly, Bank of America seems to have some wind in it's sails. The upgrade by Goldman Sachs was a welcome bit of news. But even better news may have come from Citigroup analyst Keith Horowitz. He estimates that Bank of America "probably" issued 250 million to 300 million shares since May 8--valued at $3 billion to $4 billion, reports Bloomberg. Horowitz made his estimate based on trading volume and share prices. 

Clearly, contrary to conventional beliefs just a few months ago, the bank is not running into significant trouble raising the $34 billion that it has been asked to raise. Obviously, the more it can raise apart from exchange offers with the government, the more comfortable it will be. It certainly doesn't want an unduly large government stake. There are still a lot of moving pieces here--asset sales chiefly.

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