• Bank of America's stock has significantly underperformed the broader market so far in 2020.
• The bank recently reported Q1 2020 results and, as expected, earnings were under pressure due to the impact that COVID-19 has had on the economy.
• In a broader context, many experts believe that we are already in a recession, which will likely have a negative impact on the bank's stock in the near term.
• However, I believe that it will be a different story for Bank of America this time around - the bank is better positioned today than it was before the last recession (i.e., the global financial crisis of 2008/2009).
• I'm long Bank of America, and I have no plans to reduce my overweight position in the near future.

Bank of America's (BAC) stock has significantly underperformed the broader market so far in 2020.

Data by YCharts

However, it should be noted that BofA shareholders are not the only ones that have had to deal with the pain of a falling stock price.

Source: Ziegler Capital Management

The COVID-19 related concerns, in addition to the deteriorating interest rate environment, has wrecked serious havoc in the financial sector. I believe that the stock market will face further downward pressure as more companies report on the financial impact of the COVID-19 spread but, in my opinion, BofA is well-positioned to weather the storm. As such, I believe that BofA's stock at current levels will turn out to be a great long-term buying opportunity.

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