NEW YORK -- CS First Boston analyst Thomas H. Hanley raised his investment opinions on BankAmerica Corp., Chemical Banking Corp., and NationsBank Corp. to "strong buy" from "buy," citing depressed stock values and a more positive outlook for bank stocks in general.

In a research note, he pointed out that all three issues were trading at low price multiples to his 1995 earnings estimates.

As of Thursday's close, BankAmerica's shares, at $45.75, were trading at 7.7 times Mr. Hanley's projected earnings of $5.95 a share.

He set a 12-month price target of $60 on the stock -- a price he said would provide a 35% return to shareholders, including the company's 3.5% dividend yield.

At $36.875, Chemical's stock was trading at six times Mr. Hanley's 1995 earnings projection of $6.15 a share, a discount to its June 30 book value of $37.17.

The stock could reach $50 within 12 months, Mr. Hanley said.

NationsBank shares were selling at 6.9 times Mr. Hanley's 1995 projection of $7.05 based on Thursday's closing price of $48.875.

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