'Trade-down' stocks will outperform this year, according to Bank of America.
Amid inflation and a pending recession, consumers are looking to rein in spending — and that means certain "trade-down" stocks will outperform this year, according to Bank of America. Consumers have already been cutting back, with retail sales falling 1.1% in December from November. Inflation is still high, although it's beginning to ease. Meanwhile, Bank of America's economists are predicting a mild recession in the first half of 2023.
mountain Planet Fitness' 12-month performance Bank of America's price target of $100 per share implies 21% upside from Tuesday's close. Academy Sports and Outdoors should also outperform this year, according to Ohmes. The sporting goods and outdoor recreational retailer had positive same-store sales in the last recession thanks to its low-price point offering of branded footwear and apparel, he said.
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