(New York)

Well they might not have exactly said what is in this headline, but they might as well have. The bank is urging investors to rotate into European equities and out of US stocks, shifting the former to “overweight” and the latter to “neutral”. The bank argues that European stocks represent a much better value after their underperformance over the last year. They believe European stocks have a great deal of upside and look close to “outright cheap”.

FINSUM: European stocks do seem to have a lot more room to move higher, but they also have a giant morass staring them in the eye called Brexit.