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BofA Outlines Top 10 U.S. Ideas for Q4 - Overall Remains Tactically Bearish
Published Oct 03, 2022 12:10
© Reuters.
By Sam Boughedda
BofA Securities released a research paper to clients Monday outlining the firm's top ten U.S. ideas for the fourth quarter.
The list includes nine Buys and one Underperform rating in 10 industries. BofA's Buys are Ares Management (NYSE:ARES), Canadian National Railway Co (NYSE:CNI), Dexcom (NASDAQ:DXCM), Entergy Corp . (NYSE:ETR), Gartner (NYSE:IT), Mattel (NASDAQ:MAT), Ovintiv (NYSE:OVV), Walt Disney (NYSE:DIS), and Zoetis Inc (NYSE:ZTS), while it rates American Airlines (NASDAQ:AAL) at Underperform.
"This list represents some of our fundamental equity analysts' highest conviction ideas for the 4th quarter. Ideas that we think should be on your list – and one you should consider shorting," said analysts at BofA. "More broadly, our Chief Investment Strategist, Michael Hartnett, remains tactically bearish and still doesn't think that we have seen the broad market lows."
They recommend investors "nibble at 3600, bite at 3300, gorge at 3000" on the S&P 500.
"The BofA house view is that economic pain will be required to restore price stability and that the Fed appears comfortable with that trade off. The risk the Fed overshoots now seems inevitable. Our Rates forecast was recently revised higher and we now project end '22 2Y & 10Y rates at 4.4% & 3.65%," added the analysts.
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