September 30, 2019 / 7:18 AM / 23 days ago

JPM raises euro zone stocks to "overweight", sees bounce back

LONDON, Sept 30 (Reuters) - JPMorgan raised its rating on euro zone equities to “overweight” on Monday, reversing its longstanding preference for U.S. equities, saying the bloc’s battered stocks have been under owned and predicting an opportunity for them to bounce back.

The bank said it would fund the bullish call on euro zone stocks with funding from the U.S., which is being cut to “neutral”.

“We now believe that there is an opportunity for Eurozone to bounce back,” lead equity strategist Mislav Matejka said, adding that current valuation levels present “a good entry point”. (Reporting by Thyagaraju Adinarayan, editing by Karin Strohecker)

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