From Outperform To Strong Buy
Buying On The Dip
Image Credit: Public DomainSince analyst David Long encouraged investors to pare back bets on banking heading into the second-quarter earnings reports, market conditions have changed, which has the analyst reconsidering his stance on banking.
Specifically, in the wake of a selloff, Long upgraded seven stocks:
From Market Perform To Outperform
Simultaneously, he upgraded another four stocks:
For now, Long said that the firm was still "avoiding" taking on "bigger exposure," which would include the energy-exposed banks.
For Raymond James, it will be too early to buy the dip in energy-exposed banks until oil finds a bottom. Long predicted that "things are likely to get worse before they get better."
In general, Raymond James argued that the "rate hope trade" has faded – particularly given the fact that the FOMC could delay any rate hike to 2016. Therefore, "aggressively buying the most rate sensitive names does not make sense for the time being."
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