J.P. Morgan has upgraded euro zone stocks to 'overweight' while downgrading their U.S. counterparts to 'neutral,' reversing a long-standing position.
In a note to clients Monday, J.P. Morgan Head of Global and European Equity Strategy Mislav Matejka said analysts saw a "tactical opportunity" for the euro zone to catch up to the U.S., but accepted that there are "clear risks" to the call, most notably the danger of a no-deal Brexit.has upgraded euro zone stocks to "overweight" while downgrading their U.S. counterparts to "neutral," reversing a long-standing position.
Matejka highlighted that euro zone equities are under-owned at present on account of a significant spell of underperformance, having lost 20% against the U.S. over 18 months. The note uses the benchmark MSCI euro zone and U.S. indexes relative in U.S. dollar terms.
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