Credit Suisse Downgrades Retail and Consumer Durables & Apparel to Market Weight
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Credit Suisse downgraded Retail (within the Consumer Discretionary sector) and Consumer Durables & Apparel to Market Weight from Overweight.
Chief US Equity Strategist Lori Calvasina commented, "We have been overweight Retail given deep valuation appeal on our models, and our positioning work, which has shown that both broader industry groups are highly unloved on both the sell-side and buy-side. While we normally try to avoid basing our recommendations on interpretation of news flow, preferring to focus on metrics that are not subject to emotion and which can help steer us away from consensus thinking, we have found that most of our discussions on these two industry groups over the past month have centered on whether we think the risks of the border adjustment provision in the House corporate tax reform proposal are fully reflected in apparel and retailing stocks. Our view - based on our models and indicators - is that a significant portion of this risk is priced in, but perhaps not fully baked in just yet."
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