These 10 Stocks With Digital Asset Exposure Have Bullish Charts, BofA Says
Bank of America sees upside to stocks including Advanced Micro Devices, American Express and Exelon.
Oct 22, 2021 at 1:02 p.m. UTCUpdated May 11, 2023 at 6:02 p.m. UTC
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Bank of America (BofA) highlighted 10 bullish charts for stocks with digital asset exposure, according to a research note Friday.
- The stocks are Advanced Micro Devices (AMD), American Express (AXP), Bunge (BG), Exelon (EXC), Facebook (FB), JB Hunt (JBHT), JPMorgan (JPM), SVB Financial (SIVB), Tesla (TSLA) and Workday (WDAY).
- Advanced Micro stock may have upside to $138 to $150, American Express upside $202 to $208, Exelon upside to $67-$72 and SVB Financial upside to $750 and $800, according to BofA technical research strategist Stephen Suttmeier.
- Bank of America earlier this week added 23 more stocks to its equities research coverage “that may see market value expansion due to digital asset exposure,” according to a research note dated Oct. 18.
- The U.S. bank launched its digital asset research team on Oct. 4 with a report listing 20 companies, and said that its “research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”
- Its analysts reiterated in the latest report that with $2.5 trillion in market value and more than 200 million users, the “digital asset universe is too large to ignore.”
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Josh Fineman is CoinDesk's Senior Wall Street Reporter, covering the intersection of crypto and traditional finance.