Big Tech Is No Longer Expensive, Cyclical Stocks Are Cheap Now - Credit Suisse

seekingalpha2022-06-22

The stock market selloff has brought multiples down to just marginally above the 50-plus-year average, Credit Suisse says."At the start of the year, the 100 most expensive stocks in the S&P 500 (SP500...

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andrew123
2022-06-23
andrew123
Like
Kucing
2022-06-22
Kucing
Yes
Kiwii
2022-06-22
Kiwii
hi
blessed_1
2022-06-22
blessed_1
nice
klostany
2022-06-22
klostany
Ok
StarGalaxy
2022-06-22
StarGalaxy
Ok

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class=\"meta\">\n\n\n2022-06-22 21:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3850685-big-tech-is-no-longer-expensive-cyclical-stocks-are-cheap?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Atrending_news%7Cline%3A1><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market selloff has brought multiples down to just marginally above the 50-plus-year average, Credit Suisse says.\"At the start of the year, the 100 most expensive stocks in the S&P 500 (SP500...</p>\n\n<a href=\"https://seekingalpha.com/news/3850685-big-tech-is-no-longer-expensive-cyclical-stocks-are-cheap?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Atrending_news%7Cline%3A1\">Source 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(NYSEARCA:XLK), but also Alphabet (GOOG) (GOOGL), Meta (META), Netflix (NFLX) and Amazon (AMZN), and not Tesla (TSLA).Internet Retail and Media have seen the biggest re-rating, Golub said.\"Cyclical valuations are the most favorable of any group, with Materials (XLB) and Energy (XLE) trading at the largest discounts relative to history,\" he said.\"Financial (NYSEARCA:XLF) multiples have rebounded from a -6.6x discount at the start of the year to -4.2x today,\" he added. \"Among groups, Banks (KBE) appear the most inexpensive relative to history.\"\"Non-Cyclicals are reasonably valued in aggregate, with Utilities (XLU) and Staples (XLP) expensive (2.9x and 3.7x premium) and Telecom (XTL) cheap (-4.1x discount).\"Still in the pricey area are small-caps (IWM), and Growth (IWF), which, \"despite YTD underperformance ... is currently trading 7.8x above Value vs. a 4.8x premium over the past 20 years.\"BofA has three buying opportunities for the 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