Bank of America: Buy these 10 stocks before they report earnings, then beat expectations and rally
Strategist Savita Subramanian says a recession is coming, and earnings projections will get slashed.Bank of America has been pretty bearish on US stocks this year, but it says that investors who play their cards right have the chance to build an advantage in the weeks ahead.
"For short-term investors, stock differentiation is heightened during earnings season, particularly the busiest reporting days," she wrote in a recent note to clients. "With the SVB collapse in March, data started to notably slow," Subramanian wrote."Overall, macro indicators that we track were largely mixed during the quarter, but the recent softness points to further weakness ahead."
"Consensus 2024 EPS of $247 looks ambitious," she wrote."We think getting back to 2022 EPS of $218 is a good starting point for 2024 EPS, which would suggest actual EPS returning to 'normalized EPS' by next year"
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