You guys are almost spot on.

http://www.zerohedge.com/article/goldman-reveals-first-5-its-top-trades-2011

Pay particular attention to Item #2.

"2. Long US large-cap Commercial Banks (BKX), at 44.76, target of 57, expected potential return +25%

The improvement in the US economic outlook in 2011 and 2012 is one of the most important shifts in our global macro view. The combination of incrementally more growth acceleration, with still accommodative policy is a very friendly one for equities, underscored by the US Portfolio Strategy team’s 1,450 target for the SPX in 12 months’ time. Not only are top line GDP growth expectations more robust, but a faster-than-previously-expected repair of the US consumer balance sheet has also led to a more robust view of real consumer spending growth and domestic demand more broadly. We believe being long US banks via the BKX index (there is also an ETF, the KBE, for those so inclined) is an attractive way to gain exposure to a more constructive domestic US story.

After performing in line with the overall US equity market index for much of the past two years, the BKX has significantly lagged through most of the ‘QE2’ rally. On price action alone, the BKX stands apart from other potential implementations of our stronger US domestic demand view, such as consumer discretionary stocks, which outperformed the overall market in 2010. Our 57 target for the BKX suggests about 25% upside and would only bring the banks back to the levels of April earlier this year. Of course, the price action reflects in part sector-specific headwinds that cropped up repeatedly in 2010. But, apart from pricing at a significant discount, the macro backdrop looks increasingly favourable. First, a more robust real GDP growth profile and, critically, stronger consumer spending ought to help spur loan growth—year-on-year loan growth should turn positive early next year and grow steadily through 2012—as Richard Ramsden and the US banks team have recently highlighted. And the large cap banking sector is particularly geared towards consumer activity, with relatively less exposure to construction and commercial real estate activity. Second, the decline in the unemployment rate should lead to further declines in credit losses. And, third, although the front end of the yield curve will likely remain anchored for some time, we expect 10-year yields to gradually drift higher, with a steeper yield curve also benefiting these stocks.

The possibility of additional ‘headline risk’ is a clear challenge for this sector even if the macro outlook turns out to be correct. But many of these concerns are likely already priced-in to a degree and the sector does not seemto be ‘over-owned’ here. We believe it is reasonable to question if banks can generate the return on equity that they did in the recent past and if multiples can revert towards historical levels given the new regulatory backdrop. But we think a more robust US economic outlook should still provide support for earnings and book growth, even if the market pays a bit ‘less’ for these shifts than it has in the recent past."

Look as if they believe the "headline risk" is already baked in the cake. Whatever is on the horizon be sure they have advance knowledge.

They may not have come out directly in favor of BofA but a buy recommedation on the BKX might as well be the same thing although in a more diversified way. Probably just covering their ass or pumping in a manner that leaves them cupable deniability when the SHTF.