Bank of America has been basking in the glow of investors' new-found affection for bank stocks.
The global banking giant benefited from a wave of mortgage refinancing, as well as improved corporate lending. It also settled some of the legal issues that had been hanging over the company since the housing market collapsed.
Despite the rebound, Bank of America still faces significant headwinds.
Investors remain concerned about potential legal liabilities stemming from the bank's 2008 purchase of mortgage lender Countrywide. Bank of America is also facing a tough lending environment, with interest rates at record lows and subdued economic activity.
The stock only recently rose above its "tangible book value," a measure of what Bank of America's assets would be worth if the company was liquidated.
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