Goldman Sachs Group is recommending that their clients shun industrials stocks despite the sector’s stellar 18% rally since the start of the fourth quarter, according to a recent note from David Kostin, the investment bank’s top equity strategist.
“Optimism around China reopening as well as typical patterns of sector outperformance at this stage of the cycle help to explain why Industrials stocks are rallying but fall short of explaining the magnitude of outperformance,” Kostin said. “Elevated valuations and our below consensus forecasts for Industrials earnings and margins anchor our underweight recommendation,” Kostin said in the note.
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