Bank of America (BofA) highlighted ten bullish charts for stocks with digital asset exposure, according to a research note today.
- 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 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.”
Read more: Bank of America Launches Research for ‘Too Large to Ignore’ Digital Assets