Buy European Stocks as Discount Hits New Low, Citigroup Strategists Say
- Strategists raise European stocks, downgrade US peers
- Citi team also lifts EM shares while cutting UK equities
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European stocks are the cheapest they’ve ever been compared with their US peers, according to Citigroup Inc. strategists who have adjusted their global asset allocation to reflect this view.
The team led by Beata Manthey raised Europe to overweight while downgrading US equities to neutral. “Europe is once again trading at a record discount, and should benefit from a weaker dollar and any stimulus out of China,” the Citi strategists wrote in a note on Monday.