Bank of America named a host of buy-rated stocks this week that it believes are significantly undervalued in the current market environment. The firm said it found several stocks that investors are overlooking as even as the market churns lower.
The Swedish industrial company was initiated with a neutral rating earlier this year by analyst Sherif El-Sabbahy. Earlier this week, however, the bank lifted its rating to buy from neutral, saying is a mispriced asset and the discount to peers is likely to narrow with the upcoming [December] Investor Day as a catalyst," El-Sabbahy wrote. Shares are up 47% this year with room to move higher, the bank said. First Solar Analyst Julien Dumoulin-Smith is getting increasingly bullish on shares of the solar company. First Solar held an analyst day recently and Dumoulin-Smith said investors' worries are overblown.
's 2025-2030 targets are at risk, he says, as the current macroeconomic climate seems very uncertain. A slowing smartphone and personal computer recovery and a longer memory downturn than anticipated may weigh on the stock near term. Still, BofA says investors should take advantage of the underperformance and buy the dip. "Given attractive FY25 valuation, we reiterate our Buy rating given we think the long-term growth story remains intact," the analyst wrote.