Reiteration:Goldman Sachs More Positive On Financials, Upgrades Sector to Overwe

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Reiteration:Goldman Sachs More Positive On Financials, Upgrades Sector to Overweight (JPM, C, BAC)
December 2, 2010 8:41 AM EST Tweet Send to a Friend

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Goldman Sachs is getting even more positive on Financial stocks and the US Portfolio Strategy team has upgraded financials to overweight, the first time it has been positive on the sector since 2008.

The firm's more positive view on financials stocks comes due to a more constructive outlook for the US economy. Goldman's economists now forecast 2011 GDP growth of 2.7%, up from a prior 2% view. They see 2012 GDP growth of 3.6%, with a 4% run-rate by the second quarter of 2012.

Goldman Sachs cited four reasons to be positive on the sector heading into next year: (1) Loan demand should start to show signs of improvement amid a better macro backdrop; (2) Pressure on long-term rates should subside, benefitting banks and insurance companies; (3) Capital clarity (and hence redeployment) should improve in a positive growth environment as tail risks subside; (4) Higher equity prices should drive higher capital markets activity.

The Goldman Sachs ECS Research team highlighted "Long BKX" as one of its top 10 trades for 2011.

Top stocks ideas in financials are JPMorgan Chase & Co. (NYSE: [color=#3b6592 !important]JPM), Citigroup (NYSE: [color=#3b6592 !important]C), which are both Conviction Buy List rated. Bank of America (NYSE: [color=#3b6592 !important]BAC) is another top idea.

The firm also said improved equity investing environment is positive for Principal Financial Group Inc. (NYSE: [color=#3b6592 !important]PFG) (added to Conviction Buy List), TD AMERITRADE (Nasdaq: [color=#3b6592 !important]AMTD), Evercore Partners Inc. (NYSE: [color=#3b6592 !important]EVR), Stifel Financial Corp. (NYSE: [color=#3b6592 !important]SF) (Upgrade to Buy), Invesco Ltd. (NYSE: [color=#3b6592 !important]IVZ), The Blackstone Group (NYSE: [color=#3b6592 !important]BX), State Street Corp. (NYSE: [color=#3b6592 !important]STT), Simon Property Group Inc. (NYSE:[color=#3b6592 !important]SPG), and Simon Property Group Inc. (NYSE: [color=#3b6592 !important]SPG).

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