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Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies.
BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
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Key takeaways
- It's a record gap between bearish surveys & bullish facts. History says: a soft-data panic + no recession = 17% market upside
- $7tn in negative-yielding cash after spring bear market; likely to be unwound by trade peace, tax cut, deregulation catalysts
- 13 lucky relative value ideas: in equities, EM divs, MLPs, pure value; also fallen angels, loans, dynamic commodities & gold.
Investors in search of a good deal
During this year's spring bear market, US households raised money market assets to a record $7tn. But cash returns may be negative after sticky inflation & taxes. Where else to go? We scan for relative value opportunities: in equities, EM dividends, MLPs, US pure value & quality, India and others offer 6-10% earnings yield. In fixed income: senior loans, fallen angels, EM debt & more yield 6-8% (Exhibit 1). It's worth keeping gold and dynamic commodity strategies for stagflation insurance. For ETF ideas on these, see pages 6-9.
Markets primed for a new deal
"Hard" data are still coming in strong and the key market thresholds flagged last month have held. Tighter credit spreads (HY @ 315bps), low jobless claims (230k), a stabilizing dollar (DXY @ 101), and 4.1% Main St. wage growth (vs. 2.5% inflation) signal economic health. Summer upside is plausible on trade peace, nimble supply chains, onshoring from EMs, and a DC pivot to tax cuts and deregulation. Tactical ideas are inside.
Soft-data panic + no recession has been a bullish signal
In the past 70 years, when the ISM manufacturing & consumer surveys plunged but no recession followed, US stocks gained 17% and US credit 8% over the subsequent twelve months, outrunning long-term averages (Exhibit 6). Today's hard vs. soft data gap is one of the largest on record, and our economists expect no recession (see interview).
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 Trust the numbers, not the narrative
The RIC Outlook: Unless the hard data cracks, we suggest investors take advantage of relative value trades in each asset class. We remain bullish equities and credit, cautious on government bonds, and opportunistic on commodities.
Last month, we highlighted several key thresholds to watch, and those levels have held:
- High yield credit spreads remained <550bps and have tightened to 315bps now;
- The labor market is intact, with four-week jobless claims averaging less than 300k (230k today), and an upside surprise for April payrolls;
- Equity market technicals held and the S&P 500 has recovered more than half of the drop from its February peak.
One of the widest hard vs. soft data gaps on record
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Hard data also often lag sentiment, and the data could falter as empty shipping containers and sparse store shelves make for agitated headlines this spring. Even so, economic resilience this year and the scope for big policy pivots makes this an environment in which investors should trust the numbers, not the narratives.
Soft data panic + no recession = bullish market setup
In the past 70 years, when the two longest-running soft data measures - ISM manufacturing PMI & the Conference Board consumer survey - weakened sharply but no recession followed, it was typically a great time to invest (Exhibit 5 & Exhibit 6):
- US equities rose 17% on average in the 12-months following a decline in sentiment outside of a recession, compared to 11% average all time returns since 1951;
- US high yield and IG corporates outperformed US Treasuries by 3% on average when soft data stalled. Commodities also outperformed Treasuries by 1%;
- Equities can rally even without Fed cuts. In poor sentiment periods where the Fed hiked or maintained rates, US equities averaged 14% the next 12 months.
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 Markets in search of a good deal
Investors this year have been focused on the ways in which things could go poorly… a sensible posture when asset prices are at record highs. Today, we see a more two-sided market, and review some scenarios below that could spark fresh upside.
- Trade peace
As discussed in our interview, Aditya Bhave and the economics team do not expect the US to fall into recession this year even under the "unpaused" slate of trade restrictions. They highlight stability in final domestic sales, which rose 1.5% quarter over quarter (see: Don't judge an economy by its cover), and raise their 2Q GDP forecast to 2% (The curious case of missing imports). Bhave notes that negotiations are progressing across a spectrum of trade partners from longtime allies (UK) and geopolitical challengers (China).
A win-win game
- Deregulation
Michael Hartnett anticipates markets will appreciate the administration's policy pivot in the "second 100 days". Potential tariff negotiations, lower rates, lower taxes and AI resilience could offset bearish sentiment (Soft Macro meets Micro Soft).
- In a major turn after nearly two decades of increasing regulations, BofA banks analyst Ebrahim Poonawala calculates that decreased regulation on banking sector could increase balance sheet capacity by 1.7x on average (see: Outlook for bank regulation: Expert call takeaways).
- Taxes
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 Investors in search of a good deal
During the spring bear market, US households raised money market fund assets to a record $7tn (Exhibit 9). But cash is almost never king. After taxes and inflation, the returns on cash this year (e.g. T-bills) will probably be negative (Exhibit 10).
Where to go instead? In the section below we scan for relative values across asset classes and note the themes, yield measure, and tickers for some relevant ETFs in our coverage for each theme.
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 Equities
In 2025, we favor equity given upside potential from broader earnings growth, higher productivity, and deregulation (Year Ahead 2025: The asymmetric upside for allocators).
Savita Subramanian updated her S&P 500 target to 5600, but sees upside risk to 7000 if post-"Liberation Day" rallies are even a fraction of COVID or GFC comebacks (New S&P 500 target 5600, wide range (4-7k).). Equity market technicals also look positive: four bullish signals from the last two months imply an S&P 500 range of 5885-6175 into year end, according Paul Ciana (Bullish breadth thrust favors bottom).
Below we look at a number of relative value opportunities across our equity and fixed income universe (as illustrated in Exhibit 11). We also highlight their current yield and suggest a few of our preferred ETFs that have exposure to the theme.
Equity factors
- "Â Pure Value" (8.9%; RPV, SPVU ETFs): Value strategies using stricter criteria have outperformed the past five years, even amid a hostile macro environment, and value outpaced growth by 11ppt during the bear market this spring (Exhibit 13; see Value is being vindicated).
- Free cash flow quality (8.5%; VFLO, COWG ETFs): equity strategies focused on free cash flow as a measure of quality have outperformed practically every other investment factor in recent decades, returning 14%/year vs. 5-8% for other familiar factors and indexes (Exhibit 12; see Quality time,).
Equity sectors & industries
- MLPs (8.6%; TPYP, MLPX): Â Over the last five years, MLPs have had the lowest sensitivity to oil and the best risk adjusted returns relative to other parts of the energy value chain (Exhibit 14). Jean Ann Salisbury thinks that gas-linked MLP free cash flows could rise 50% in the next two years (Naturally, gas).
- Financials (5.6%; XLF, RSPF): Global financials have rallied in 2025 relative to US financials. Regulatory relief for US banks could become a policy priority in the coming months, and higher for longer interest rates are constructive for the sector (Fighting negative impulses).
- US industrial renaissance (5.6%; AIRR): It's hard to capture a renewed focus on domestic industry through familiar sector funds (Exhibit 15). The AIRR fund invests in areas like manufacturing, infrastructure, natural resources, utilities, and associated suppliers & technology; the universe consists of small and mid-cap industrials but only profitable stocks. AIRR has led the Russell 2000 by 30% since 2020, and large cap industrials by 8% (ETFs for the revival of American industry).
Equity regions:
This relative value screen is offered as a way to find undervalued opportunities in the market today. We still like growth-oriented themes that have appeared in this report in recent months, such as defense tech (SHLD), nuclear power & uranium (URA).
Fixed Income
Credit shines when growth slows. Chris Flanagan sees upside potential for lower-rated fixed income sectors that have been battered by poor sentiment (Good week to fade fear, buy the dip). Note that all of the "Prudent Yield" sectors screen as more attractive than the widely-followed US Bond Aggregate index; we highlight a few of them below.
- CLOs (5.8%; JAAA): CLOs have achieved some of the best risk-adjusted returns across all asset classes over the past decade. Securitization allows investors to choose the level of risk they want to take (see CLOsing in on the most Prudent Yield). CLO ETF AUM is approaching $30bn, and AAA CLO ETFs withstood their first month of outflows without cracks to fundamentals (Loan Downgrades, CLO Impairments, NAIC Updates & Apr Equity Payments).
- Fallen Angels (7.0%; ANGL): historically, "fallen angel" corporate bonds have achieved some of the best risk-adjusted returns in the US bond market. Corporate credit exposure performs well in periods of modest economic growth (Credit performance in a volatile world- a scenario analysis).
- EM debt (6.4%; HYEM, VWOB): Â the balance sheets of many emerging market corporate and sovereign bond issuers have improved over the past decade, and tariff-induced selloffs have created an opportunity to own a bond sector that could benefit from a Ukraine peace deal and/or weaker US dollar (Exhibit 17; see Uncertainty is high, but EM debt yields are higher) .
- High yield munis (6.7%; HYMB, HYD): Macroeconomic resilience, favorable supply/ demand, and recent spread widening creates a tactical opportunity (Constructive on muni credit spreads); high yield munis are even more attractive on a tax-adjusted basis as coupons are tax free on the federal level (Own HY munis for more yield, less default, Exhibit 18).
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Commodities
Francisco Blanch notes that trade disputes and an oil price war could drive down energy commodities in the near term (A slow grind oil price war). Many commodity benchmarks have large, static overweight exposure to energy, and in recent decades those static benchmarks have not rewarded investors. However, there are worthwhile stagflation hedges to be found in commodity markets:
- Dynamic commodities (HGER): The best commodity indexes use momentum or regime signals to determine when to invest, outperforming "buy and hold" indexes by 6ppt/year since 2004 with 21% smaller drawdowns (Exhibit 20; see The bull necessities: initiating coverage of commodity ETFs).
- Gold (IAUM, GLDM): Â BofA commodity strategist Michael Widmer sees gold supported in a $3,000-3,500 range. If uncertainty continues to rise, or the US deficit continues to swell, Widmer expects increased demand, potentially pushing gold to $4,000 (How reconfigured US economic policy impacts metals, Exhibit 19).
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     RIC Themes Watch
In this section, we highlight updates to investment themes that have been featured frequently in prior RIC Reports.
Uranium trading volumes tick up, reversal from '24
 BofA Metals and Mining Analysts hosted a conference call to examine nuclear fuel markets from a trading perspective. Following uranium spot drawdowns in 2024, trading volumes are now rising and positive pressure on uranium pricing is growing (see: Highlights from our nuclear fuel markets from a trader's perspective).
BofA Analysts remain bullish on nuclear-exposed equities following 1Q25 earnings:
- Constellation's management signaled a large future announcement. BofA Utilities analysts believe that it is related to a long-term power purchase agreement related to Constellation's nuclear fleet (see: Deals Coming: Full Steam Ahead).
- BWX Technologies is well positioned within the nuclear sector and growth is reinforced by the company's exposure to shipbuilding. BWXT has a competitive moat as the only supplier of nuclear power plants for submarines and carriers (see: Commercial and government opportunities clicking along).
Palantir poised for accelerating growth
Palantir posted a strong quarter, with earnings matching consensus estimates while revenue beat. Customer count grew 39% YoY, and the company is optimistic on adoption growth. Palantir is a top holding in defense technology ETFs; our top pick in this sector is SHLD (see: Palantir Technologies: Beat and raise - growth continues to accelerate).
Unlocking value in SMID: Own quality, value, and strong margins
As BofA Equity Strategy's regime indicator flirts with downturn, BofA SMID Strategist Jill Hall recommends owning small cap equities with quality value features and strong margins (What to own right now in small caps). We recently added small and mid-cap factor ETFs to our coverage, with top rated funds boasting strong earnings and other quality features. See Sizing up small caps: Initiating on 39 ETFs and Money in the Middle: initiating on 28 midcap ETFs for more.
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 Dynamic Prudent Yield
For May, the BofA Dynamic Prudent Yield allocation to convertibles returns to 16.6%. Preferreds, Fallen Angels, and HY munis are replaced with cash. Historically, rotations like these have improved risk adjusted returns compared to fixed income benchmarks.
Over the last 12 months, the Prudent Yield strategy returned 6.5%, US Aggregate Bond Index 8.0%, Global Fixed Income Markets Index 9.0%, and iShares 20+ Year Treasury Bond ETF 5.6%. Today, Prudent Yield ETFs have an average yield of 5.5%. We highlight returns for the Dynamic Prudent Yield Strategy, relevant benchmarks, and 1-rated ETFs on page 4. We highlight returns for the Dynamic Prudent Yield Strategy, relevant benchmarks in the most recent report: May 2025 Dynamic Prudent Yield Update
For details on the Dynamic Prudent Yield Strategy including the full Appendix see: The RIC Report: A new bond strategy for the end of 60/40. Monthly updates can be received via email immediately after publishing by subscribing to "The ETF Angle".
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 ETF Valuation
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  Macro & Econ Highlights
China eases in attempt to assuage tariff shocks
The Chinese government is implementing growth-supportive policies in the face of potential tariff shocks. These measures include moderate monetary easing, support for small business and consumption, capital market stabilization, and property support. While plentiful, these measures are not a major stimulus overhaul. Rather, the policies are designed to preemptively bolster the economy as tariff impacts arise (see: Preemptive measures against tariffs and coming macro data).
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150 facts for a changing world
BofA Thematic Research Analyst Haim Israel recently compiled 150 must-know facts for a changing world. In his view, positive changes often come in tandem with negative ones. For example, humans have been able to develop highly advanced quantum chips that that reduce computing time by almost 100%. But the amount of accumulated plastic on Earth currently surpasses the weight of all animals combines. We highlight 5 standout facts from the report (see Thematic Investing: Did you know? for more):
- In February 2025, an artificial sun was created: WEST, a nuclear fusion experiment in France created stable plasma which was 3x hotter and denser than the sun…and it was stable for 22 minutes;
- Today we use approx. 110 million barrels of oil a day to power our planet. If the world were powered entirely by nuclear fusion energy, we would only need 6 liters of water;
- In Taiwan, there are now more domestic pets in households than children under the age of 14;
- Two-thirds of the world's population, around 5bn people- face severe water scarcity for at least 1 month every year…and the US loses 18% of all its freshwater supply due to aging water infrastructure and leaky pipes;
- Sophia was the world's first AI humanoid robot to get a passport and citizenship.
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Disruption weakens USD today, strengthens it tomorrow.
US equity and Treasury markets have recovered, but the dollar is finding its footing below recent levels. BofA G10 FX Strategist Alex Cohen points to structural factors weighing on USD recovery, including de-globalization and stagflation risks ( Sentiment is sour, but structural reasons to expect USD weakness to continue). Similarly, BofA Rates Strategist Mark Cabana attributes rising debt sustainability concerns to a structurally weaker dollar. De-dollarization also remains a relevant trend as investors shift from large overweights in US asset positions to marketweight exposures.
In Cohen's view, the USD's position remains secure for now. He notes that it may take years or decades to tell if the USD's status as a "safe haven" currency has truly eroded. While the dollar's reserve share has been declining for some time, gold assets have been the beneficiary as opposed to other G10 currencies like JPY and CHF (Bent but not broken: FAQ on the USD's "safe haven" status).
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From trade war to price war: OPEC adds 411k b/d
Cyclical energy sectors and commodity prices were among the worst causalities of "Liberation Day." Natural gas liquids have high exposure to China, with half of US exports going to the region. A shock to exports for NGL are particularly harmful: NGL is hard to store, potentially leading to bottlenecks that could negatively impact other energy commodities like crude oil (Victims of the trade war).
In conjunction with trade war impacts, OPEC+ has accelerated its oil production and supply to the market. This increase in output may lead other suppliers to pull back, but still results in net growing supply of oil (A slow grind oil price war). Motivations to increase supply, even as oil prices fall, include gaining market share and helping limit inflation impact from tariffs in the US economy. BofA's global commodity research team expects a long oil price war, with the potential for Brent prices to drop below $60/bbl.
In equities, BofA oil and gas analyst Jean Ann Salisbury expects a 5-6% hit to EBITDA for NGL integrateds in her coverage (What happens if China stops taking US ethane?). Paul Ciana notes that oil ETFs are showing signals of a top, with potential weakness going forward, however breadths and rotation in US equities could be supportive (Oil's slide favors XLE and XOM top).
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 Equity Highlights
Industrials brush off tariffs so far
 In the second week of earnings, BofA industrials analyst Andrew Obin finds that companies in his coverage have yet to be materially impacted by tariffs. The median organic growth in his coverage is +1.5%, above expectations of +1%. Just 3 of 21 reporting companies have missed on earnings so far, which Andrew views positively despite some growth deceleration from last quarter. Management commentary suggests that Obin's coverage should be able to offset tariff price impacts with pricing, increasing productivity, cost containment, and negotiating with suppliers (see: 1Q25 Earnings Week 2: solid results, still seeing little or no tariff impact).
Honeywell beat on earnings and raised guidance in 1Q25, signs of stabilizing earnings after a period of negative earnings revisions. Obin raised his rating on HON to Buy from Neutral, citing attractive valuation and defensive characteristics relative to peers (see: Upgrade to Buy: returning to positive earnings revisions).
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AppLovin is defensive, discounted, and dynamic
BofA US internet analyst Omar Dessouky reiterates his Buy rating on AppLovin. AppLovin started the year with volatile swings, but prices are at December 2024 levels. Dessouky sees upside risk to APP for three reasons. First, the name is defensively positioned in the event of a consumer spending slowdown. APP could be a beneficiary in a recession as mobile advertisers consolidate the number of intermediaries they use, which would result in market share gain for APP (see: March Mobile AdTech: platform scale & perf. drive resilience in potential recession). Second, APP trades as discounted valuations, even when considering broad equity market multiple compression in April. Third, catalysts are not fully appreciated by the market. New platforms and global growth potential are absent from estimates despite strong commentary around these initiatives (see: Catalyst rich CY25 amid discounted valuation offers excellent setup). Overall, Dessouky is raising his estimates on APP and has an above consensus call.
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Alphabet's AI gameplan: defense today, offense tomorrow
Alphabet and Apple are roiled in an antitrust trial that could determine the future of their Google search partnership (see: Apple commentary reflects changing search landscape; queries are still growing). Commentary from the trial suggests that Apple management sees AI as a growing challenger to search, putting both Apple and Alphabet in the crosshairs of a nascent but growing AI-search industry. These comments caused Alphabet to fall 8%, underperforming the S&P.
BofA Internet Analysts think Alphabet is oversold, suggesting a tactical opportunity. First, Alphabet has seen search growth outside of Apple's Safari browser. Second, Alphabet launched AI Max, the first step in maintaining a competitive advantage over new AI-entrants (see: Search advertising gets another AI infusion with AI Max). Third, testimony from Apple management suggests that their partnership with Alphabet has not blocked competition. Potentially overcoming the antitrust overhang would be beneficial to both Apple and Alphabet, particularly as Google could remain the default search engine, and Apple could protect a main source of services revenues (see: Thoughts around Apple's comments in the DOJ antitrust trial against Alphabet).
Regs & rates support US banks; investors own Europe
Tariffs and recession risk have weighed on US banks, in contrast to Europe where planned industrial and defense spending could bolster cyclical growth. Feedback from European investors affirms consensus preference for European banks, even without a major deterioration of hard data in the US (See: Earnings & beyond: Peak chaos?).
While investors wait for evidence of a US policy-pivot or diminished calls for a recession, two tailwinds for US banks stand out: deregulation and rates. BofA Economists are calling for no rate cuts in 2025, suggesting limited risk to rapidly falling yields, supportive of net investment income. Further, management teams are expressing confidence of regulatory relief in the coming months.
While bank stocks may be range bound in the coming months, BofA banks analyst Ebrahim Poonawala recommends owning "best-of-breed" large cap banks that would benefit the most from a constructive rates and policy backdrop. See Fighting negative impulses for top picks.
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BofA Global Research house view
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    BofA US equity sector views
   Global cross-asset returns
 April 2025 Review
- Global equity markets gained 1.2% on average in April and are up 4.5% on average year-to-date. In a reversal from last month, the Hang Seng gave up the most group (-3.7%). Topix was the leading regional index this month (+5.4%), and the Nasdaq was the only US index to end in the black (+0.9%).
- Large caps were the best performing size factor in April (-0.6%), outperforming small caps by 1.7%. Growth outperformed value by 4.7%. Mid cap growth was the best performing factor this month, up 3.4%.
- Tech (+1.6%) and staples (+1.2%) were top sectors in April. Energy fell 13.6%, erasing gain from March. Overall, cyclicals outperformed defensive sectors by 0.4% on average.
- Fixed income sectors continued to have mixed performance in April. Munis, corporates, and preferreds underperformed short and intermediate duration US Treasuries. The 30-year US Treasury was the worst performing asset, down 1.3%.
- Gold outperformed the broad commodities index by nearly 13% in April.
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 Appendix
Exhibit 6: S&P 500 = S&P 500 Total Return Index with GFD Extension; Global ex US = GFD Developed Market ex North Market Total Return Index until 1988, MXWDU Index 1989-Present; US Tsy = GFD 10-Year US Government Bond Total Return Index; Credit = Dow Jones Corporate Bond Index until 1988; H0A0 Index 1989-Present; Commodity = Reuters CRB Total Return Index until 2000; Auspice Excess Return Index, added cash yield 2001-2017; COM US Equity 2018-Present.
Exhibit 3 - Hard data and soft data calculations: standardized (z-score) data from 1990 or start of data availability. Simple average of inputs.
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Alphabet (GOOGL / GOOG)
Our price objective of $200/$200 is based on 18x 2026E core Google GAAP EPS plus cash per share. Alphabet has traded at an average multiple of 22x GAAP P/E over the last ten years and we think our multiple is reasonable vs history given expectations for double-digit revenue growth, Cloud margin expansion, and opportunity to capitalize on strong AI assets.
Downside risks are: 1) loss of search traffic to AI tools from competitors, 2) LLM integration in search may take longer than expected or negatively impact search revenues, 3) revenue pressure from compliance with the EU Digital Markets Act (DMA), 4) adverse judge ruling on the ongoing Department of Justice (DOJ) search distribution trial, and 5) potential for increasing Capex and lower FCF-given AI investments.
AppLovin (APP)
Our $580 PO is based on a multiple of 31x EV/CY26 EBITDA and supplemented by our SOTP framework valuing APP's Software segment at $426, the nascent eCommerce ads business at $155, and the Gaming Segment at $0/share. Our Gaming Ads Software valuation is 31x FY26E EBITDA, slightly ahead of the average Rule of 40 stocks due to higher growth and profitability. Our Gaming segment valuation is based on an enterprise value that is 6x FY26E Gaming Segment EBITDA , in line with Casual Mobile Game Publisher peers.
Upside risks to our PO include a further proving out of AppLovin's eCommerce business, and licensing of its AI Technology to third parties. Downside risks to our PO include a recession, and a tightening of financial conditions brought about by the Fed. Policies by mobile companies, pertaining to their mobile platforms, that would debase broker ad networks' value proposition are also downside risks, and a major resurgence of Facebook on iOS could also negatively affect APP stock.
BWX Technologies, Inc. (BWXT)
Our PO of $135 is based on a 21x EV/EBITDA multiple on 2026 estimates. This implies a 1.5x relative multiple on the defense primes' 14x weighted average multiple, above the historical average. The premium to defense primes is supported by the company's exposure to the US Navy, its monopoly on nuclear powered ships, the inflection of the medical business, and the company's diversification into adjacent markets.
Downside risks to our PO are losing US government contracts, changes in contracting terms that could pressure margins, and program procurement changes that result in market share loss. The US government is BWXT's largest customer and drives the majority of BWXT's revenues. Overly optimistic company outlook.
Upside risks to our PO are additional upside from the AUKUS trilateral agreement, better than expected operating performance and margins, and increased demand for nuclear aftermarket for powerplants. Additionally, acquisitions could provide upside to our estimates.
Constellation Energy Corp (CEG)
Our $318 price objective is based on a relative 2027 P/E multiple methodology.
We apply our 2027 electric utility multiple of 16.5x, increased by 5% to reflect sector capital appreciation. We then take the multiple and apply a 6% premium for every 1% higher growth CEG has versus utility peers using our base case EPS forecast. The average utility growth is 5 - 7%, so we take the growth rate at 6%, the midpoint. CEG's growth rate is 13% through 2030, which leads to a 50.4% premium and a valuation multiple of 25.26x.
Risks to achievement of the price objective are 1) changes in energy, capacity, and related commodity prices, 2) retail margins, renewals, win rate, & overall market share, 3) operating, capital, and fuel costs, 4) capital allocation decisions including M&A, growth, and share repurchases, 5) nuclear operational performance, incidents, or accidents, 6) legislative, judicial, tax, and regulatory changes broadly, 7) nuclear fuel costs & availability, 8) change in environmental standards for generation assets, 9) management turnover, 10) pension & nuclear decommissioning trust returns, 11) credit rating agency requirements, 12) interest rates, and 13) NetPower ownership & valuation.
Honeywell International Inc. (HON)
We base our $250 price objective on 17x 2026E EV/EBITDA. Our target multiple is at a discount to peers trading at 18x on 2025E. We argue a discounted valuation is warranted given a lack of near-term visibility, but we believe the company will start to close the gap as earnings revisions have stabilized.
Downside risks to our price objective are: 1) Slower-than-expected capital deployment, specifically a lack of M&A activity, 2) Lack of re-acceleration in short cycle end markets pressures organic growth.
Palantir Technologies (PLTR)
Our PO of $150 is based on a 15x EV/EBITDA on 2035E. We use a longer-term valuation methodology to reflect sustained high-growth and profitability profile of the company. We think this valuation fairly captures the beneficial position to national security and US government/allies' digital modernization efforts, a leading role in artificial intelligence (AI)-powered platforms, opportunistic partnerships, strong balance sheet and strong profitability.
Downside risks to our PO are lower-than-expected AI-platforms market growth, faster than expected commoditization, higher success from competitors to catch up with technologies, and/or stronger than expected resistance from government customers to use commercial off the shelf solutions.
Upside risks to our PO are stronger-than-expected growth of the AI-platforms market, higher-than-expected PLTR penetration, better-than-expected profitability, and/or successful agreements and investments.
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We, Jared Woodard, Andrew Obin, Justin Post, Mariana Perez Mora, Omar Dessouky, CFA, Paul Ciana, CMT, Ronald J. Epstein and Ross Fowler, CFA, hereby certify that the views expressed in this research report accurately reflect our personal views about the subject equity securities and issuers. We also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.
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Special Disclosures
​BofA Securities is currently acting as financial advisor to Panasonic Connect Co., Ltd., a subsidiary of Panasonic Holdings Corporation, in connection with the proposed strategic capital partnership with ORIX Corporation in regard to its projector business and related operations, which was announced on July 31, 2024.​
​BofA Securities is currently acting as advisor to EQT AB in connection with its proposed acquisition of a stake in Acronis International GmbH, which was announced on August 7, 2024.
​BofA Securities is currently acting as Financial Advisor to Alphabet Inc in connection with its proposed acquisition of Wiz, Inc., which was announced on March 18, 2025.​
BofA Securities is currently acting as Financial Advisor to Tripledot Studios Ltd in connection with its proposed acquisition of gaming portfolio of Applovin Corp, which was announced on May 7, 2025.​
BofA Securities is currently acting as financial advisor to HPS Investment Partners LLC in connection with its proposed sale to Blackrock Inc, which was announced on December 3, 2024.
BofA Securities is currently acting as financial advisor to Panasonic Connect Co., Ltd., a subsidiary of Panasonic Holdings Corporation, in connection with the proposed strategic capital partnership with ORIX Corporation in regard to its projector business and related operations, which was announced on July 31, 2024.
 Important Disclosures
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R1 Issuers that were investment banking clients of BofA Securities or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stocks. A stock rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell.
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R2 Exchange-traded funds (ETFs), or the ETF providers, that were investment banking clients of BofA Securities or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only ETFs. An ETF rated 1-FV is included as a Buy; an ETF rated 2-FV, 3-FV, 1-NV, 2-NV, 3-NV, 1-UF or 2-UF is included as a Hold; and an ETF rated 3-UF is included as a Sell.
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FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst's assessment of both a stock's absolute total return potential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocks are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment rating of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things, the 0-12 month total return expectation for a stock and the firm's guidelines for ratings dispersions (shown in the table below). The current price objective for a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst's view of the potential price appreciation (depreciation).
INCOME RATINGS, indicators of potential cash dividends, are: 7Â -Â same/higher (dividend considered to be secure), 8Â -Â same/lower (dividend not considered to be secure) and 9Â -Â pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s). A stock's coverage cluster is included in the most recent BofA Global Research report referencing the stock.Â
EXCHANGE-TRADED FUNDS (ETF) INVESTMENT OPINION KEY: Opinions reflect both an Outlook Rating and a Category Rating. OUTLOOK RATINGS reflect the analyst's assessment of the ETF's attractiveness relative to other ETFs within its category (including sector, region, asset class, thematic, and others). There are three outlook ratings: 1 - the ETF is more attractive than covered peers in the same category over the next 12 months; 2 - the ETF is similarly attractive to covered peers in the same category over the next 12 months; and 3 - the ETF is less attractive than covered peers in the same category over the next 12 months. CATEGORY RATINGS, indicators of the analyst's view of the ETF's category and which incorporate published views of BofA Global Research department analysts, are: FV - Favorable view, NV - Neutral view and UF - Unfavorable view.
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Price Charts for the securities referenced in this research report are available on the Price Charts website, or call 1-800-MERRILL to have them mailed.
One or more analysts contributing to this report owns stock of the covered issuer: Alphabet, Exxon Mobil Corp, Palantir
One or more analysts contributing to this report owns bonds of the covered issuer: VanEck Vectors
BofAS or one of its affiliates acts as a market maker for the equity securities recommended in the report: 1st Trust Financ ETF, 1st Trust Indus Fund, 1st Trust Mater ETF, 1st Trust Techn ETF, Alerian MLP ETF, Alphabet A, Alphabet C, ALPS Disruptive Tech, AppLovin, BWX Technologies, Columbia EMxC ETF, Constellation Energy, Eng Transform500 ETF, ExxonMobil, First Trust RBA ETF, First Trust Water, Franklin Canada ETF, Franklin Multi Mid, FT STX EUROPE ETF, Global X AI & Tech, Global X Defense, Global X Uranium ETF, GlobalX MLP&Ener ETF, Harbor Com All Weath, Hartford Dev Mkt ETF, Honeywell, Inv DWA EnrgMomentum, Inv KBW Prop&Cas ETF, Invesco Biotech ETF, Invesco Cons ETF, Invesco DWA ETF, Invesco Dyn E&P ETF, Invesco Financ ETF, Invesco Global Water, Invesco Intl Div, Invesco Int'lBuyback, Invesco Leis & Ent, Invesco Pharma ETF, Invesco Pure Growth, Invesco Pure Value, Invesco S&P Enh Val, Invesco S&P EWU ETF, Invesco SC Pure Grow, Invesco SC Pure Valu, Invesco Software, Invesco Wh Cln Ener, InvescoSP500 PureVal, iS Home Constr ETF, iShares ACWI ex US, iShares Banks ETF, iShares Canada ETF, iShares Chile ETF, iShares Cons Srv ETF, iShares Core S&P ETF, iShares Currency ETF, iShares Div&Buyback, iShares Edg MSCI ETF, iShares EM ex China, iShares EM Multi ETF, iShares Global Clean, iShares Gold Micro, iShares Gold Min ETF, iShares India 50 ETF, iShares JPX-NIKK ETF, iShares Material ETF, iShares Mexico ETF, iShares Micro-CapETF, iShares MS MC Grow, iShares MS MC Value, iShares MSCI HK ETF, iShares S&P 100 ETF, iShares S&P 500 ETF, iShares S&P Mid ETF, IShares SC Val Fact, iShares Tech-Sft ETF, iShares U.S. M D ETF, iShares US, iShares-DJ Telecom, iSharesESG MSCI EM, ISHARES-US O&G ETF, Janus SCap Growth, JH AAA CLO ETF, KraneS CHINA ETF, L Mason L Vol Hi Div, Mkt Jr Gold Mine ETF, Pacer US Large Cap, Palantir, S&P Aero&Def ETF, Schwab Div ETF, Schwab L Cap Grw, Schwab US Large ETF, Schwab US REIT ETF, SPDR BBG HY Muni, SPDR Comm Serv ETF, SPDR Energy ETF, SPDR EuroStoxx50 ETF, SPDR Financ ETF, SPDR Gold MiniShares, SPDR Healthca ETF, SPDR Industr ETF, SPDR O&G E&S ETF, SPDR Portfolio S&P, SPDR REIT ETF, SPDR S&P Bank ETF, SPDR S&P H Care ETF, SPDR S&P Homebuilder, SPDR S&P Insur ETF, SPDR S&P Met&Min, SPDR S&P Retail ETF, SPDR Semicond ETF, SPDR Strategic Fact, SPDR Tech ETF, SPDR Utilities ETF, Tortoise NA pipe ETF, VanEck Biotech ETF, VanEck EM HY Bond, VanEck HY Muni, VanEck Oil Svcs ETF, VanEck Rare Mtls ETF, VanEck Urn+Nucl ETF, VanEck Vectors ETF, Vanguard Cons ETF, Vanguard EM Govt Bnd, Vanguard Intl Div, Vanguard S&P SC Grow, Vanguard World ex US, VE Vec FA HY ETF, VE Vect Pharma ETF, VE Vect Semicond ETF, VictoryShares Free C, WSDTRE JPN Hdg ETF, WTree India Earnings, Xtrackers EM Hdg ETF.
BofAS or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Honeywell, Janus Henderson, ORIX, State Street.
The issuer is or was, within the last 12 months, an investment banking client of BofAS and/or one or more of its affiliates: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Deutsche Bank, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, ORIX, SS&C Technologies Ho, State Street, The Hartford, WisdomTree.
BofAS or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Deutsche Bank, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, Krane Funds Advisors, Market Vectors Jr, Mirae Asset Global, MiraeAsset Sec, ORIX, Pacer Advisors, SS&C Technologies Ho, State Street, The Hartford, Vaneck, Vanguard Group Inc, WisdomTree.
The issuer is or was, within the last 12 months, a non-securities business client of BofAS and/or one or more of its affiliates: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Deutsche Bank, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, Krane Funds Advisors, Market Vectors Jr, Mirae Asset Global, MiraeAsset Sec, ORIX, Pacer Advisors, SS&C Technologies Ho, State Street, The Hartford, Vaneck, Vanguard Group Inc, WisdomTree.
BofAS or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, ORIX, SS&C Technologies Ho, State Street, The Hartford, WisdomTree.
BofAS or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer or an affiliate of the issuer within the next three months: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Deutsche Bank, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, ORIX, SS&C Technologies Ho, State Street, The Hartford, WisdomTree.
BofAS together with its affiliates beneficially owns one percent or more of the common stock of this issuer. If this report was issued on or after the 9th day of the month, it reflects the ownership position on the last day of the previous month. Reports issued before the 9th day of a month reflect the ownership position at the end of the second month preceding the date of the report: Alphabet, AppLovin, BWX Technologies, Constellation Energy, Exxon Mobil Corp, Honeywell.
BofAS together with its affiliates beneficially owns one percent or more of the shares of this fund. If this report was issued on or after the 9th day of the month, it reflects the ownership position on the last day of the previous month. Reports issued before the 9th day of the month reflect the ownership position at the end of the second month preceding the date of the report: 1st Trust Financ ETF, 1st Trust Indus Fund, 1st Trust Mater ETF, 1st Trust Techn ETF, Alerian MLP ETF, ALPS Disruptive Tech, Columbia EMxC ETF, Eng Transform500 ETF, First Trust RBA ETF, First Trust Water, Franklin Canada ETF, Franklin Multi Mid, Global X AI & Tech, Global X Defense, Global X Uranium ETF, GlobalX MLP&Ener ETF, Harbor Com All Weath, Hartford Dev Mkt ETF, Inv DWA EnrgMomentum, Inv KBW Prop&Cas ETF, Invesco Biotech ETF, Invesco Cons ETF, Invesco DWA ETF, Invesco Dyn E&P ETF, Invesco Financ ETF, Invesco Global Water, Invesco Intl Div, Invesco Int'lBuyback, Invesco Leis & Ent, Invesco Pharma ETF, Invesco Pure Value, Invesco S&P Enh Val, Invesco S&P EWU ETF, Invesco SC Pure Grow, Invesco SC Pure Valu, Invesco Software, Invesco Wh Cln Ener, InvescoSP500 PureVal, iS Home Constr ETF, iShares ACWI ex US, iShares Banks ETF, iShares Canada ETF, iShares Cons Srv ETF, iShares Core S&P ETF, iShares Currency ETF, iShares Div&Buyback, iShares EM ex China, iShares Global Clean, iShares Gold Micro, iShares JPX-NIKK ETF, iShares Material ETF, iShares Micro-CapETF, iShares MS MC Grow, iShares MS MC Value, iShares S&P 100 ETF, iShares S&P 500 ETF, iShares S&P Mid ETF, IShares SC Val Fact, iShares Tech-Sft ETF, iShares U.S. M D ETF, iShares US, iShares-DJ Telecom, iSharesESG MSCI EM, ISHARES-US O&G ETF, JH AAA CLO ETF, L Mason L Vol Hi Div, Mkt Jr Gold Mine ETF, Pacer US Large Cap, S&P Aero&Def ETF, Schwab Div ETF, SPDR BBG HY Muni, SPDR Comm Serv ETF, SPDR Energy ETF, SPDR EuroStoxx50 ETF, SPDR Financ ETF, SPDR Gold MiniShares, SPDR Healthca ETF, SPDR Industr ETF, SPDR O&G E&S ETF, SPDR Portfolio S&P, SPDR REIT ETF, SPDR S&P Bank ETF, SPDR S&P H Care ETF, SPDR S&P Homebuilder, SPDR S&P Insur ETF, SPDR S&P Met&Min, SPDR S&P Retail ETF, SPDR Semicond ETF, SPDR Strategic Fact, SPDR Tech ETF, SPDR Utilities ETF, Tortoise NA pipe ETF, VanEck Biotech ETF, VanEck EM HY Bond, VanEck HY Muni, VanEck Oil Svcs ETF, VanEck Rare Mtls ETF, VanEck Urn+Nucl ETF, VanEck Vectors ETF, Vanguard Cons ETF, Vanguard EM Govt Bnd, Vanguard Intl Div, Vanguard S&P SC Grow, Vanguard World ex US, VE Vec FA HY ETF, VE Vect Pharma ETF, VE Vect Semicond ETF, VictoryShares Free C, WSDTRE JPN Hdg ETF, WTree India Earnings, Xtrackers EM Hdg ETF.
BofAS or one of its affiliates is willing to sell to, or buy from, clients the common equity of the issuer on a principal basis: 1st Trust Financ ETF, 1st Trust Indus Fund, 1st Trust Mater ETF, 1st Trust Techn ETF, Alerian MLP ETF, Alphabet A, Alphabet C, ALPS Disruptive Tech, AppLovin, BWX Technologies, Columbia EMxC ETF, Constellation Energy, Eng Transform500 ETF, ExxonMobil, First Trust RBA ETF, First Trust Water, Franklin Canada ETF, Franklin Multi Mid, FT STX EUROPE ETF, Global X AI & Tech, Global X Defense, Global X Uranium ETF, GlobalX MLP&Ener ETF, Harbor Com All Weath, Hartford Dev Mkt ETF, Honeywell, Inv DWA EnrgMomentum, Inv KBW Prop&Cas ETF, Invesco Biotech ETF, Invesco Cons ETF, Invesco DWA ETF, Invesco Dyn E&P ETF, Invesco Financ ETF, Invesco Global Water, Invesco Intl Div, Invesco Int'lBuyback, Invesco Leis & Ent, Invesco Pharma ETF, Invesco Pure Growth, Invesco Pure Value, Invesco S&P Enh Val, Invesco S&P EWU ETF, Invesco SC Pure Grow, Invesco SC Pure Valu, Invesco Software, Invesco Wh Cln Ener, InvescoSP500 PureVal, iS Home Constr ETF, iShares ACWI ex US, iShares Banks ETF, iShares Canada ETF, iShares Chile ETF, iShares Cons Srv ETF, iShares Core S&P ETF, iShares Currency ETF, iShares Div&Buyback, iShares Edg MSCI ETF, iShares EM ex China, iShares EM Multi ETF, iShares Global Clean, iShares Gold Micro, iShares Gold Min ETF, iShares India 50 ETF, iShares JPX-NIKK ETF, iShares Material ETF, iShares Mexico ETF, iShares Micro-CapETF, iShares MS MC Grow, iShares MS MC Value, iShares MSCI HK ETF, iShares S&P 100 ETF, iShares S&P 500 ETF, iShares S&P Mid ETF, IShares SC Val Fact, iShares Tech-Sft ETF, iShares U.S. M D ETF, iShares US, iShares-DJ Telecom, iSharesESG MSCI EM, ISHARES-US O&G ETF, Janus SCap Growth, JH AAA CLO ETF, KraneS CHINA ETF, L Mason L Vol Hi Div, Mkt Jr Gold Mine ETF, Pacer US Large Cap, Palantir, S&P Aero&Def ETF, Schwab Div ETF, Schwab L Cap Grw, Schwab US Large ETF, Schwab US REIT ETF, SPDR BBG HY Muni, SPDR Comm Serv ETF, SPDR Energy ETF, SPDR EuroStoxx50 ETF, SPDR Financ ETF, SPDR Gold MiniShares, SPDR Healthca ETF, SPDR Industr ETF, SPDR O&G E&S ETF, SPDR Portfolio S&P, SPDR REIT ETF, SPDR S&P Bank ETF, SPDR S&P H Care ETF, SPDR S&P Homebuilder, SPDR S&P Insur ETF, SPDR S&P Met&Min, SPDR S&P Retail ETF, SPDR Semicond ETF, SPDR Strategic Fact, SPDR Tech ETF, SPDR Utilities ETF, Tortoise NA pipe ETF, VanEck Biotech ETF, VanEck EM HY Bond, VanEck HY Muni, VanEck Oil Svcs ETF, VanEck Rare Mtls ETF, VanEck Urn+Nucl ETF, VanEck Vectors ETF, Vanguard Cons ETF, Vanguard EM Govt Bnd, Vanguard Intl Div, Vanguard S&P SC Grow, Vanguard World ex US, VE Vec FA HY ETF, VE Vect Pharma ETF, VE Vect Semicond ETF, VictoryShares Free C, WSDTRE JPN Hdg ETF, WTree India Earnings, Xtrackers EM Hdg ETF.
The issuer is or was, within the last 12 months, a securities business client (non-investment banking) of BofAS and/or one or more of its affiliates: Alphabet, Ameriprise Inc., AppLovin, BlackRock, Charles Schwab, Constellation Energy, Crestview Partners, Deutsche Bank, Exxon Mobil Corp, Franklin Resources, Honeywell, Invesco, Janus Henderson, Krane Funds Advisors, Market Vectors Jr, Mirae Asset Global, MiraeAsset Sec, ORIX, Pacer Advisors, SS&C Technologies Ho, State Street, The Hartford, Vaneck, Vanguard Group Inc, WisdomTree.
Due to the nature of strategic analysis, the issuers or securities recommended or discussed in this report are not continuously followed. Accordingly, investors must regard this report as providing stand-alone analysis and should not expect continuing analysis or additional reports relating to such issuers and/or securities.
BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall profitability of the Bank's sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.
BofAS and/or its affiliates participate in the creation and redemption of these ETFs and are an authorized participant for such ETFs: 1st Trust Financ ETF, 1st Trust Indus Fund, 1st Trust Mater ETF, 1st Trust Techn ETF, Alerian MLP ETF, Eng Transform500 ETF, First Trust RBA ETF, First Trust Water, Franklin Multi Mid, FT STX EUROPE ETF, Global X AI & Tech, Global X Defense, Global X Uranium ETF, GlobalX MLP&Ener ETF, Harbor Com All Weath, Hartford Dev Mkt ETF, Inv DWA EnrgMomentum, Inv KBW Prop&Cas ETF, Invesco Biotech ETF, Invesco Cons ETF, Invesco DWA ETF, Invesco Dyn E&P ETF, Invesco Financ ETF, Invesco Global Water, Invesco Intl Div, Invesco Int'lBuyback, Invesco Leis & Ent, Invesco Pharma ETF, Invesco Pure Growth, Invesco Pure Value, Invesco S&P Enh Val, Invesco S&P EWU ETF, Invesco SC Pure Grow, Invesco SC Pure Valu, Invesco Wh Cln Ener, InvescoSP500 PureVal, iS Home Constr ETF, iShares ACWI ex US, iShares Banks ETF, iShares Canada ETF, iShares Chile ETF, iShares Cons Srv ETF, iShares Core S&P ETF, iShares Currency ETF, iShares Div&Buyback, iShares Edg MSCI ETF, iShares EM ex China, iShares EM Multi ETF, iShares Global Clean, iShares Gold Micro, iShares Gold Min ETF, iShares India 50 ETF, iShares JPX-NIKK ETF, iShares Material ETF, iShares Mexico ETF, iShares Micro-CapETF, iShares MS MC Grow, iShares MS MC Value, iShares MSCI HK ETF, iShares S&P 100 ETF, iShares S&P 500 ETF, iShares S&P Mid ETF, IShares SC Val Fact, iShares Tech-Sft ETF, iShares U.S. M D ETF, iShares US, iShares-DJ Telecom, iSharesESG MSCI EM, ISHARES-US O&G ETF, Janus SCap Growth, JH AAA CLO ETF, KraneS CHINA ETF, L Mason L Vol Hi Div, Mkt Jr Gold Mine ETF, Pacer US Large Cap, S&P Aero&Def ETF, Schwab Div ETF, Schwab L Cap Grw, Schwab US Large ETF, Schwab US REIT ETF, SPDR BBG HY Muni, SPDR Comm Serv ETF, SPDR Energy ETF, SPDR EuroStoxx50 ETF, SPDR Financ ETF, SPDR Gold MiniShares, SPDR Healthca ETF, SPDR Industr ETF, SPDR O&G E&S ETF, SPDR Portfolio S&P, SPDR REIT ETF, SPDR S&P Bank ETF, SPDR S&P H Care ETF, SPDR S&P Homebuilder, SPDR S&P Insur ETF, SPDR S&P Met&Min, SPDR S&P Retail ETF, SPDR Semicond ETF, SPDR Strategic Fact, SPDR Tech ETF, SPDR Utilities ETF, VanEck Biotech ETF, VanEck EM HY Bond, VanEck HY Muni, VanEck Oil Svcs ETF, VanEck Rare Mtls ETF, VanEck Urn+Nucl ETF, VanEck Vectors ETF, Vanguard Cons ETF, Vanguard EM Govt Bnd, Vanguard Intl Div, Vanguard S&P SC Grow, Vanguard World ex US, VE Vec FA HY ETF, VE Vect Pharma ETF, VE Vect Semicond ETF, VictoryShares Free C, WSDTRE JPN Hdg ETF, WTree India Earnings, Xtrackers EM Hdg ETF
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Other Important Disclosures
The covered issuer and/or one or more of its affiliates holds 5% or more of the total issued share capital of Bank of America Corporation: BlackRock, Vanguard Group Inc.
Prices are indicative and for information purposes only. Except as otherwise stated in the report, for any recommendation in relation to an equity security, the price referenced is the publicly traded price of the security as of close of business on the day prior to the date of the report or, if the report is published during intraday trading, the price referenced is indicative of the traded price as of the date and time of the report and in relation to a debt security (including equity preferred and CDS), prices are indicative as of the date and time of the report and are from various sources including BofA Securities trading desks.
The date and time of completion of the production of any recommendation in this report shall be the date and time of dissemination of this report as recorded in the report timestamp.
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One or more analysts responsible for covering the funds in this report own(s) a position in a company that constitutes a significant portion of the assets of the subject fund: URA
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For clients in Wealth Management, to the extent that the securities referenced in this report are ETFs or CEFs, investors should note that (1) the views and ratings presented by BofA Global Research personnel may vary from those of other business units of BofA Securities. including the Due Diligence group within the Chief Investment Office of MLPF&S ("CIO Due Diligence"); and (2) the CIO Due Diligence review process is used to determine the availability of an ETF or CEF for purchase through the Wealth Management division of MLPF&S and its affiliates.
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Research AnalystsResearch Investment Committee Jared Woodard Investment & ETF Strategist BofAS Â John Glascock Investment & ETF Strategist BofAS Â Phoebe Block Investment & ETF Strategist BofAS Â Derek Harris Portfolio Strategist BofAS Â Chris Flanagan FI/MBS/CLO Strategist BofAS Â Global Economics & Strategy Xiaoqing Pi Greater China Economist Merrill Lynch (Hong Kong) Â Winnie Wu >> Research Analyst Merrill Lynch (Hong Kong) Â Francisco Blanch Commodity & Deriv Strategist BofA Europe (Madrid) Â Thomas (T.J.) Thornton Head of Research Marketing BofAS Â Haim Israel >> Equity Strategist Merrill Lynch (Israel) Â Paul Ciana, CMT Technical Strategist BofAS Â Alex Cohen, CFA FX Strategist BofAS Â Savita Subramanian Equity & Quant Strategist BofAS Â Equity Research Andrew Obin Research Analyst BofAS Â Ebrahim H. Poonawala Research Analyst BofAS Â Jean Ann Salisbury Research Analyst BofAS Â Wamsi Mohan Research Analyst BofAS Â Justin Post Research Analyst BofAS Â Omar Dessouky, CFA Research Analyst BofAS Â Ross Fowler, CFA Research Analyst BofAS Â Mariana Perez Mora Research Analyst BofAS Â Ronald J. Epstein Research Analyst BofAS Â Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial resources to absorb any losses arising from applying these ideas or strategies. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions. |
| Timestamp: 14 May 2025 12:30AM EDT |
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