The bank said investors should buy shares in companies with high levels of cash as the wider market outlook is hit with headwinds.
Bank of America said investors should buy shares in companies with high levels of cash as the broader market outlook is buffeted with headwinds. The S & P 500 fell nearly 20% in 2022, its worst annual performance since 2008, as concern over higher rates dented investor sentiment. The outlook for 2023 isn't much more promising, with growing expectations of a U.S. economic recession.
The company is coming off a monster year, surging more than 20% after rallying 83% in 2021. Analyst Steve Byrne said he thinks CF can build on those gains, noting: "Tight global nitrogen supplies + Ag cycle could readily continue into 2023." The stock has buy or overweight ratings from 50% of analysts covering it, and the average price target implies upside of more than 35%, FactSet data shows. Expedia also made Bank of America's list, with a free cash flow yield of 21%.
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