U.S. stocks are expensive but worth it, says BofA quant strategist

BofA Securities equity and quant strategist Savita Subramanian argues that U.S. stocks are worth their high valuation,

“Even after the recent pullback, the S&P 500 is statistically expensive vs. history on almost every common metric. But does this math make sense? Today’s index is far from the index of the ‘00s, ‘90s, or ‘80s. The S&P 500 is less levered, more asset light, has a higher margin sector mix and lower earnings volatility. And in our view, the equity risk premium can fall further.

“Implications — As previewed and largely expected by the market TAP’s delivered a 1Q’24 EPS beat, driven by better topline on shipments above depletions and GM upside. TAP reiterated 2024 topline/EPS guidance, but we believe commentary on depletion trends in April and Q2 will be key in driving the stock reaction, given the recent slowdown in scanner data with volumes down … in the last few weeks.

Of note, the North American Dividend Growth portfolio saw Brookfield Corp and Procter and Gamble removed and Intact Financial Corp. added. In the North American Income Top 15, BCE Inc., Barrick Gold Corp. and Thomson Reuters Corp. were removed, while Royal Bank of Canada, Agnico Eagle Mines Ltd. and Manulife Financial Corp. were added.

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