BANK OF AMERICA: Buy these 8 retail stocks as they rake in revenues from an unprecedented surge in home-improvement spending
That's become a surprisingly powerful stock market theme in 2020, as people who have few travel and outside entertainment options are getting busy sprucing up their homes.
Bank of America analysts Elizabeth Suzuki, Curtis Nagle, and Justin Post, are giving investors tips on how to benefit from this trend.
That's an especially big deal for retailers who focus on do-it-yourself-ers. Meanwhile, a drop in spending on vacations and cars is freeing up income for major home-goods purchases, which is good news for high-end home furnishings retailers. "There appears to be pent-up demand for high-ticket home furnishing categories such as sofas and mattresses, particularly for high-income consumers," the analysts wrote.
They combine those observations with the well-known increase in online shopping and the new trend toward spending on home offices asPulling that together results in this list of eight "Buy"-rated stocks. Each benefits from at least one of four trends: Home improvement, home furnishings, bedding, and online retail. The analysts also included commentary on the bullish thesis for each stock.
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