Value stocks have 'never been this cheap,' Bank of America says

in September from a decade of underperformance as investors bet on economically sensitive, underpriced stocks on hopes for a U.S.-China trade deal. Value names have become particularly cheap relative to momentum stocks, creating a buying opportunity, the bank said.

"Value has never been this cheap vs. Momentum," Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, said in a note on Friday. "Many signals indicate that the recent rotation into Value/out of Momentum could continue." The only time in history that value stocks have gotten this cheap was in 2003 and 2008, when the group outperformed momentum stocks by 22 and 69 percentage points, respectively, over the subsequent 12 months, according to Bank of America.

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