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Tags: bank of america | bofa | top | stocks | buy

CNBC: Bank of America's 3 Top Stocks for Second Quarter

CNBC: Bank of America's 3 Top Stocks for Second Quarter
(Dreamstime.com)
 

By    |   Wednesday, 01 April 2020 09:22 AM EDT

Despite the seemingly endless stock-market carnage, apparently there are good investment bargains to be had if you have a savvy eye.

Bank of America recently offered a top 10 list of stocks likely to flourish despite coronavirus-induced market volatility, CNBC explained.

Here are three of BofA’s picks:

  1. Apple (AAPL). BofA said a recent 22% drop in the tech giant’s shares from their all-time high in January provides an attractive entry point. “Most of the negative news is already out and we see incremental positives emerging in C2Q,” analysts led by Anthony Cassamassino wrote in a note to clients Wednesday, CNBC reported. The firm has a “”buy” rating on the stock, and a $300 price target. Apple shares recently traded at about $254.
  2. Honeywell (HON): BofA thinks Honeywell will attract shareholders based on its “strong balance sheet, lower operational risk, and relative earnings/FCF [free cash flow] stability.” BofA has a $155 target price for Honeywell shares, which recently traded at $134. “We see Honeywell’s diversification, backlog, and mix of long-cycle revenue as offering above-average revenue visibility,” Bank of America said.
  3. Procter & Gamble (PG): “PG’s execution on its largest brands has improved significantly in the last two years,” the firm said, while noting that the coronavirus has driven demand for the company’s soaps and household cleansers, among other products. The firm has a buy rating on P&G, and a $135 price target for P&G shares, trading recently at $110.

Meanwhile, as global stocks attempt to recover from their biggest quarterly loss since the global financial crisis, veteran investor Jim Rogers says there’s worse to come.

The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, according to the chairman of Rogers Holdings Inc. That’s because of a triple whammy of coronavirus-fulled economic damage, high debt levels and interest rates that are low, which will hurt when they rise, Bloomberg explained.

“I expect in the next couple of years we’re going to have the worst bear market in my lifetime,” Rogers said in a phone interview.

Rogers, who co-founded the Quantum Fund with George Soros in the 1970s, had said a bear market was imminent back in 2018. His concerns have grown since, as the debt of businesses afflicted by lockdowns and travel bans comes under the the spotlight.

The impact of the virus on economies “will not be over quickly because there’s been a lot of damage. A gigantic amount of debt has been added,” he said.

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StreetTalk
Despite the seemingly endless stock-market carnage, apparently there are good investment bargains to be had if you have a savvy eye.
bank of america, bofa, top, stocks, buy
419
2020-22-01
Wednesday, 01 April 2020 09:22 AM
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