With the second half getting underway, Bank of America highlighted its top long picks, and one short, for the third quarter.
With the second half kicking off, Bank of America is noting its top long picks along with one short for the third quarter. In the first half of the year, the mania for all things tied to artificial intelligence bolstered the performance of stocks such as Nvidia and drove up the S & P 500 by nearly 15%. The Nasdaq Composite also saw first-half gains, rallying 18.1%. The Dow Jones Industrial Average underperformed, however, moving 3.8% higher due to a pullback in the second quarter.
The bank sees second quarter revenue coming in above Spotify's previous guidance, and other yardsticks such as premium subscribers at least matching company forecasts. Bank of America is also bullish on Goldman Sachs , seeing it as a way to gain exposure not only to a cyclical recovery in investment banking activity, but also secular themes such as increasing AI adoption. BofA's price target of $525 implies 13% upside from Monday's close.
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