Dow Jones reports that David Tepper, the founder of New Jersey-based hedge fund Appaloosa Management LP, said late yesterday that the Bank of America (BAC) shares may print $27 in a year.
Tepper, who earned $4 billion in 2009, breaking records for the biggest pay packet received by a hedge fund manager, also said he likes shares of Spanish bank Santander Corp. (SBP), which he thinks could double. Tepper was speaking at the 15th annual Ira Sohn Conference, at which 12 hedge fund managers present their favorite investment ideas in concise 15-minute presentations.
BAC gained $0.42, or 2.71 percent, to $15.88 rtq at 11:03 ET in New York Stock Exchange trading. Shares of SBP rose 20 cents, or 1.80 percent, to $11.30 in midday trading.