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Wall Street strategists cool on tech stocks, recommend steady income of financials for 2020

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Of the brokerages tracked by CNBC that have published sector-by-sector forecasts for 2020, all said that they're overweight the financial sector.

Most liked consumer discretionary stocks as well, but Bank of America, BMO and Credit Suisse all recommended clients to steer clear of staples.

"Given the longer-term outperformance cycles of value relative to growth, we believe the market may soon be entering the very early stages of a 'value cycle,'" writes BMO's Brian Belski.Wall Street's top strategists favor financials and value stocks heading into 2020, jilting the high-flying and expensive growth names that have for months carried the market to record highs.

Most liked consumer discretionary stocks as well, but Bank of America, BMO and Credit Suisse all recommended clients steer clear of staples.

 

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