BofA cuts FrontView REIT to Underperform after second CFO fired in two months
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FrontView REIT downgraded to Underperform from Neutral at BofA
FrontView REIT downgraded to Neutral from Overweight at JPMorgan
FrontView REIT names Sean Fukumura as Interim CFO
FrontView REIT, Inc. Terminates Co-CEO Randall Starr
FrontView REIT Elects Directors at Annual Meeting
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6 hours ago
- Yahoo
‘Not just a cyclical recovery, but a boom.' BofA says a ‘key tail risk' is that the Trump economy will actually start to take off
In a market landscape still fixated on fears of stagflation and modest recoveries, Bank of America is sounding a contrarian—and decidedly bullish—note. According to new note from BofA Research analysts, the next phase for the U.S. economy and equities might not be a routine recovery, but an outright boom. 'Today a confluence of factors argue that the key tail risk that may not be priced in is not just a cyclical recovery, but a boom,' they said. 5 reasons for a boom BofA analysts cited five pillars supporting this more bullish case. First is political will, arguing that with U.S. midterm elections a few quarters away, policymakers have strong incentive for near-term, pro-growth initiatives. Second is Washington's 'One Big Beautiful Bill Act' (OBBBA) targeting domestic manufacturing. Third is the massive overseas jolt gathering, with Germany recently enacting the largest stimulus package in EU history, while global reflationary forces are building elsewhere. Fourth, BofA sees a broad expansion of capital expenditures, with hyperscalers such as Amazon, Meta, Microsoft, and Alphabet set for nearly $700 billion in capital expenditures between 2025 and 2026. In addition, more non-U.S. companies plan to expand manufacturing capacity in the U.S., while municipalities are focused on updating aging infrastructure. Fifth, BofA cited its proprietary 'Regime Indicator,' a blend of macro signals including corporate revisions to earnings per share, GDP forecasts, and other emerging signals. It's on the verge of flipping from a 'Downturn' to a 'Recovery'—a change that historically presages a rally in value stocks. The dominant narrative in this indicator remains conservative, according to the BofA team, led by Savita Subramanian. In June, 70% of fund managers still predicted stagflation, with only 10% foreseeing a 'boom' of above-trend growth and inflation. Yet, BofA argues, the catalyst for an upside breakout is real and imminent. If the Regime Indicator does indeed flip to 'Recovery' in early August, historical precedent suggests a rapid rotation is likely. So how healthy are these five factors actually looking? Will there be enough spending? Top economies have already pledged massive stimulus. In March, China unveiled plans to issue 1.3 trillion yuan ($179 billion) in special treasury bonds this year, plus 4.4 trillion yuan of local government special-purpose bonds. Meanwhile, much of the EU's stimulus still flowing from the earlier NextGenerationEU package is worth up to €806.9 billion (about $880 billion) through 2026. Major European economies have supplemented this with additional investments and, in some cases, targeted fiscal expansion. Japan, South Korea, Canada, and Australia have adopted smaller-scale but still significant fiscal measures in 2025 to address sector-specific slowdowns, energy security, and household purchasing power. Most are focusing on targeted transfers, green investments, and industrial support. Meanwhile, American companies have announced billions in new U.S. manufacturing, infrastructure, and technology investments since Trump took office, but these initiatives were announced before passage of the OBBBA. Many investments are phased and slated for completion over the next decade, and it's unclear how much can come online soon enough to play a role in the boom that BofA Research is projecting. Some of them, such as OpenAI's $500 billion Stargate project, are reportedly struggling to raise funding to match the big numbers initially announced. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Business Insider
a day ago
- Business Insider
Goodbye stagflation: 3 reasons BofA sees the US economy avoiding a worst-case scenario
The US economy may have successfully steered clear of a dire outcome many observers were warning of just a few months ago. That's according to analysts at Bank of America, who said they believe the US economy could be more on track for a cyclical boom rather than an episode of stagflation, a nightmare situation in which inflation rises while economic growth slows. Stagflation is commonly thought of as even worse than a typical recession, as policymakers are prevented from cutting interest rates to boost the economy. For a while, that scenario was one of the biggest fears on investors' minds as they weighed the impact of Donald Trump's "Liberation Day" tariffs. But strategists said they think the economy is now leaning away from such a situation, even as many global fund managers surveyed by the bank said in June that they thought the global economy would slip into stagflation over the next 12 months. "The latest fund manager survey shows a small increase in investors expecting a Boom rather than the base case of Stagflation," analysts wrote, defining a "boom" as above-trend economic growth and above-trend inflation. "We agree with this building minority, and present below corroboration from our quantitative work," they added. Here are three reasons the bank sees stagflation risk fading. 1. Trump's pro-growth agenda President Donald Trump's America-first economic agenda is expected to act as a tailwind to the US economy, BofA strategists said. The bank pointed to stimulus measures included in Trump's "Big Beautiful Bill," as well as the push to boost activity in US manufacturing. "Moreover, with mid-term elections a few quarters away, it behooves the current administration to implement pro-growth policy now," the bank's strategists added. 2. Big spending Companies and the public sector are spending big on artificial intelligence, infrastructure, and manufacturing, BofA said. For AI in particular, analysts said they were expecting $700 billion in capex from the so-called hyperscalers through 2025 and 2026, with "upward revisions each quarter." "The number of companies outside of the US planning to expand manufacturing capacity in the US continues to increase. Municipalities have also refocused on infrastructure with aged capital stock fraying as domestic activity increases," they added. 3. Economic recovery mode Bank of America's US Regime Indicator, a gauge for where the US currently is in the business cycle, looks to be "on the brink" of an economic recovery, analysts said. The US Regime Indicator ticked lower in June, which indicates that the economy is still in a "downturn" phase. Downturn phases are typically followed by economic recovery phases, the bank suggested. The US Regime Indicator saw six inputs from the economy improve last month, strategists noted, which also suggests that the economy could soon be on the uptrend. Here were the six positive changes analysts saw: Earnings per share revisions. Earnings revision breadth bottomed out around -25% in April, according to Morgan Stanley data. Since then, it's improved to -5%, the bank said in a June note, implying that the market is growing more optimistic on corporate earnings. GDP forecasts. Despite a contraction in the first quarter, real GDP was projected to expand 2.8% year-over-year in the second-quarter, according to advanced estimates from the Commerce Department. Manufacturing strength. The Institute for Supply Management's Production Index, one measure of activity in manufacturing, rose to 50.3 in June, which signals that production moved into expansionary territory. Leading Economic Indicators. A collection of economic indicators showed signs of improvement on a year-over-year basis, BofA said. Capacity Utility. The use of "installed productive capacity" in the goods and services sector also improved on a year-over-year basis, strategists added. High-yield credit spreads. Credit spreads—which is the yield paid over a benchmark—have narrowed, which signals higher investor confidence and lower levels of financial stress among companies.
Yahoo
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TD Cowen Initiates Coverage on Norwegian Cruise Line Holdings Ltd. (NCLH) with $31 PT ; BofA Raises PT to $27
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is included in our list of the . A busy airport terminal full of travelers eager to utilize the company's services. With cruise stocks gaining momentum, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is drawing analyst attention as they reassess the sector's long-term potential and short-term momentum. On July 22, 2025, TD Cowen gave a 'Buy' rating on Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) with a $31 price target. Within the travel sector, the analyst considered NCLH an underappreciated gainer. With a 7% annual industry revenue growth projected through 2029, the analyst believes the company, trading at an airline-level valuation multiple, holds upside potential. Meanwhile, on July 23, 2025, BofA increased its price target on Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) from $20 to $27, maintaining a 'Neutral' rating. The analyst cited the cruise sector's 72% gain since the market bottom in April and thus, expects strong earnings. With its Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas brands, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) offers luxury travel experiences across all major global destinations. It is included in our list of cheap travel stocks. While we acknowledge the potential of NCLH as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Most Undervalued Cloud Stocks Under $10 According to Hedge Funds and 11 Best Mineral Stocks to Buy According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
