Here's where Bank of America sees the most value among short-term stock holdings heading into the fourth quarter.
Bank of America is eyeing a tranche of stocks that could benefit from both market and business catalysts heading into the fourth quarter. September was the worst month of 2023 for both the S & P 500 and the Nasdaq Composite, slipping 4.9% and 5.8%, respectively. The 30-stock Dow Jones Industrial Average was also lower in September, falling 3.5% from the start of the month.
The selloff was somewhat typical of a historically weak month on Wall Street, but all three major indexes are still on track for gains from the start of the year. Here's what stocks Bank of America is watching for the quarter ahead. All stocks included on this list have a buy rating from BofA Securities.made the cut for the BofA list, accompanied by a $300 per share price target. The firm's forecast implies nearly 57% upside from Friday's $191.68 close. Shares of Boeing have ticked up 0.6% from the start of the year.
"We anticipate Boeing 737 demand to remain robust as much of the global passenger fleet remains capacity constrained," BofA analyst Ronald Epstein said. "Despite near term challenges to ramp up production rates, Boeing is poised to unlock significant [free cash flow] generation as improving production and profitability levels are coupled with ~$17bn of excess 737/787 inventories wind down over the next three years.
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