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BAML’s the latest to turn bullish on Europe’s banks

US lender acknowledges new stance goes against consensus in a world still dominated by deeply risk-averse investors

BAML still has an ‘underperform’ rating on troubled Deutsche Bank
BAML still has an ‘underperform’ rating on troubled Deutsche Bank

Bank of America Merrill Lynch has become the latest bulge-bracket to turn more bullish on European financials, acknowledging that its new stance goes against consensus in a world still dominated by deeply risk-averse investors.

In a note Tuesday, the US lender said that it had raised banks to 'overweight' from 'neutral' and trimmed the industrial sector to 'neutral', despite the its latest fund manager survey showing that investors are still super cautious on financials.

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