Goldman Sachs Turns Bullish on Europe Banks as Debt Risk Eases

Goldman Sachs Group Inc. turned bullish on European banks for the first time since September 2009 as concern about the region’s sovereign-debt crisis eased and the industry remained among the cheapest.

The U.S. bank that makes the most revenue from trading advised investors to take an “overweight” position on banks, raising its previous “neutral” recommendation, according to a group of equity strategists led Peter Oppenheimer. Investors should pay for the trade by lowering holdings of consumer shares, he wrote.