Energy Stocks in U.S. Attract Merrill After Trailing Oil Rebound
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Energy stocks received renewed support from strategists at Bank of America Corp.’s Merrill Lynch unit after the shares were left behind by a two-month rally in oil.
“We believe moving to overweight is now justified,” Savita Subramanian, chief U.S. equity strategist, wrote in a report yesterday. She recommended that energy-stock holdings exceed the industry’s share of market indexes, reversing a call made in December. Steven G. DeSanctis, a strategist focusing on smaller companies, also lifted the group’s rating to overweight.