Bank of America's 10 Stock Picks for 10 S&P Sectors in 2016

No matter what investing style or demographic you may be -- a case can be made for investors to buy stocks in 2016, according to Bank of America Merrill Lynch's year-ahead outlook, the investment banking arm of Bank of America.

Yet the analysts are "skeptical" of suggesting that investors put their money in specific sectors over others. "Classifications are arbitrary in our view - Discretionary includes media and hotels, which have little to do with one another; and Tech can be deconstructed into consumer, business services, transports, health care, etc.," Bank of America Merrill Lynch strategists wrote in its year-ahead outlook published on November 24. "Moreover, every sector today comes with plenty of 'hair' - if not macro risk, it has disruptors, negative headline risk, is too crowded or too expensive. We believe investors should focus on themes and stocks, not sectors," the note said.

The group issued its annual list of 10 stocks to buy for the 10 S&P sectors, in a separate note published on Thursday,

In that light, BofA Merrill Lynch strategists chose stocks among its coverage list that were buy-rated S&P 500 stocks and by reviewing metrics for qualifications based on themes in its year ahead outlook. Themes that the group took under consideration included "quality (earnings stability), size, balance sheet health/liquidity, stable/growing dividend income, active fund ownership relative to S&P 500 weighting, valuation, EPS expectations, and other metrics." After identifying stocks consistent with the themes, the strategists considered the fundamental views from the investment arm's equity analysts in choosing the 10 stocks.

BofA's stock picks are paired below with ratings from TheStreet Ratings, TheStreet's proprietary ratings tool, for another perspective. And when you're done check out how Deutsche Bank's 31 stocks to buy for 2016.

TheStreet Ratings uses a quantitative approach to rating over 4,300 stocks to predict return potential for the next year. The model is both objective, using elements such as volatility of past operating revenues, financial strength, and company cash flows, and subjective, including expected equity market returns, future interest rates, implied industry outlook and forecasted company earnings.

Buying an S&P 500 stock that TheStreet Ratings rated a buy yielded a 16.56% return in 2014, beating the S&P 500 Total Return Index by 304 basis points. Buying a Russell 2000 stock that TheStreet Ratings rated a buy yielded a 9.5% return in 2014, beating the Russell 2000 index, including dividends reinvested, by 460 basis points last year.

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1. The Walt Disney Co. (DIS - Get Report) 
Industry: Consumer Discretionary
Year-to-Date Return: 18.4%

BofA Merrill Lynch Said: High quality (low EPS variability) mega-cap with clean balance sheet; Underweight by active managers; solid dividend growth; Has exhibited pricing power; Strong catalyst pipeline which could lead to upward estimate revisions

TheStreet Said: TheStreet Ratings team rates DISNEY (WALT) CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

We rate DISNEY (WALT) CO (DIS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and notable return on equity. We feel its strengths outweigh the fact that the company shows low profit margins.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• DIS's revenue growth has slightly outpaced the industry average of 7.3%. Since the same quarter one year prior, revenues slightly increased by 9.1%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
• The stock has not only risen over the past year, it has done so at a faster pace than the S&P 500, reflecting the earnings growth and other positive factors similar to those we have cited here. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
• DISNEY (WALT) CO has improved earnings per share by 10.5% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, DISNEY (WALT) CO increased its bottom line by earning $4.90 versus $4.25 in the prior year. This year, the market expects an improvement in earnings ($5.66 versus $4.90).
• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Media industry. The net income increased by 7.3% when compared to the same quarter one year prior, going from $1,499.00 million to $1,609.00 million.
• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. In comparison to the other companies in the Media industry and the overall market, DISNEY (WALT) CO's return on equity significantly exceeds that of the industry average and is above that of the S&P 500.
• You can view the full analysis from the report here: DIS

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2. Coca-Cola Co. (KO - Get Report) 
Industry: Consumer Staples
Year-to-Date Return: 1%

BofA Merrill Lynch Said: High quality globally diversified mega-cap; Underweight by active managers; Attractive/growing dividend; BofAML expects growth to reaccelerate in 2016 due to recent initiatives

TheStreet Said: TheStreet Ratings team rates COCA-COLA CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate COCA-COLA CO (KO) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Beverages industry and the overall market, COCA-COLA CO's return on equity significantly exceeds that of both the industry average and the S&P 500.
• The gross profit margin for COCA-COLA CO is rather high; currently it is at 64.16%. Regardless of KO's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, KO's net profit margin of 12.68% compares favorably to the industry average.
• Regardless of the drop in revenue, the company managed to outperform against the industry average of 10.6%. Since the same quarter one year prior, revenues slightly dropped by 4.6%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• COCA-COLA CO's earnings per share declined by 31.3% in the most recent quarter compared to the same quarter a year ago. The company has suffered a declining pattern of earnings per share over the past two years. However, we anticipate this trend to reverse over the coming year. During the past fiscal year, COCA-COLA CO reported lower earnings of $1.59 versus $1.90 in the prior year. This year, the market expects an improvement in earnings ($1.99 versus $1.59).
• After a year of stock price fluctuations, the net result is that KO's price has not changed very much. Although its weak earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Turning toward the future, the fact that the stock has come down in price over the past year should not necessarily be interpreted as a negative; it is one of the factors that makes this stock an attractive investment.
• You can view the full analysis from the report here: KO

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3. Exxon Mobil Corp. (XOM - Get Report) 
Industry: Energy
Year-to-Date Return: -18.2%

BofA Merrill Lynch Said: One of highest quality Energy stocks by low EPS variability; Mega-cap with strong balance sheet; Can better withstand continued oil price weakness than many of its peers; Attractive and growing dividend; Very underweight by active managers

TheStreet Said: TheStreet Ratings team rates EXXON MOBIL CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate EXXON MOBIL CORP (XOM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• XOM's debt-to-equity ratio is very low at 0.20 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Even though the company has a strong debt-to-equity ratio, the quick ratio of 0.48 is very weak and demonstrates a lack of ability to pay short-term obligations.
• XOM, with its decline in revenue, slightly underperformed the industry average of 36.8%. Since the same quarter one year prior, revenues fell by 37.4%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• Current return on equity is lower than its ROE from the same quarter one year prior. This is a clear sign of weakness within the company. Compared to other companies in the Oil, Gas & Consumable Fuels industry and the overall market on the basis of return on equity, EXXON MOBIL CORP has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
• The share price of EXXON MOBIL CORP has not done very well: it is down 17.42% and has underperformed the S&P 500, in part reflecting the company's sharply declining earnings per share when compared to the year-earlier quarter. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
• You can view the full analysis from the report here: XOM

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4. Citigroup (C - Get Report) 
Industry: Financial Services
Year-to-Date Return: -2.4%

BofA Merrill Lynch Said: Globally diversified mega-cap bank; Growing its dividend and further potential to increase payout ratio; Cheap - Only US universal bank trading below tangible book value; Has capital to take advantage of potential pick-up in trading volumes

TheStreet Said: TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate CITIGROUP INC (C) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, attractive valuation levels, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Commercial Banks industry. The net income increased by 51.0% when compared to the same quarter one year prior, rising from $2,841.00 million to $4,291.00 million.
• 40.95% is the gross profit margin for CITIGROUP INC which we consider to be strong. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 19.83% trails the industry average.
• Net operating cash flow has significantly increased by 266.12% to $23,018.00 million when compared to the same quarter last year. Despite an increase in cash flow, CITIGROUP INC's cash flow growth rate is still lower than the industry average growth rate of 310.31%.
• CITIGROUP INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, CITIGROUP INC reported lower earnings of $2.19 versus $4.25 in the prior year. This year, the market expects an improvement in earnings ($5.53 versus $2.19).
• You can view the full analysis from the report here: C

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5. Pfizer (PFE - Get Report) 
Industry: Health Care
Year-to-Date Return: 3.7%

BofA Merrill Lynch Said: High quality mega-cap with clean balance sheet; Inexpensive, globally diversified and underweight by active managers; Attractive and growing dividend yield; Potential for positive pipeline news which could improve sentiment

TheStreet Said: TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate PFIZER INC (PFE) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The current debt-to-equity ratio, 0.58, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.08, which illustrates the ability to avoid short-term cash problems.
• Net operating cash flow has increased to $5,024.00 million or 12.57% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -0.29%.
• The gross profit margin for PFIZER INC is currently very high, coming in at 84.60%. It has increased from the same quarter the previous year. Despite the strong results of the gross profit margin, PFE's net profit margin of 17.61% significantly trails the industry average.
• After a year of stock price fluctuations, the net result is that PFE's price has not changed very much. Although its weak earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
• You can view the full analysis from the report here: PFE

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6. 3M Co. (MMM) Industry: Industrials
Year-to-Date Return: -5%

BofA Merrill Lynch Said: High quality mega-cap which has exhibited solid pricing power; Diversified end market and geographic exposure; Attractive and growing dividend yield

TheStreet Said: TheStreet Ratings team rates 3M CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate 3M CO (MMM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Industrial Conglomerates industry and the overall market, 3M CO's return on equity significantly exceeds that of both the industry average and the S&P 500.
• The gross profit margin for 3M CO is rather high; currently it is at 54.33%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 16.80% is above that of the industry average.
• 3M CO's earnings per share improvement from the most recent quarter was slightly positive. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, 3M CO increased its bottom line by earning $7.49 versus $6.72 in the prior year. This year, the market expects an improvement in earnings ($7.62 versus $7.49).
• The debt-to-equity ratio is somewhat low, currently at 0.92, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Although the company had a strong debt-to-equity ratio, its quick ratio of 0.91 is somewhat weak and could be cause for future problems.
• MMM, with its decline in revenue, slightly underperformed the industry average of 3.1%. Since the same quarter one year prior, revenues slightly dropped by 5.2%. The declining revenue has not hurt the company's bottom line, with increasing earnings per share.
• You can view the full analysis from the report here: MMM

  

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7. Qualcomm Inc.(QCOM) 
Industry: Information Technology
Year-to-Date Return: -34.6%

BofA Merrill Lynch Said: Inexpensive, high quality mega-cap with weak current sentiment; Strong balance sheet (net cash); Underweight by active managers; Attractive and growing dividend

TheStreet Said: TheStreet Ratings team rates QUALCOMM INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate QUALCOMM INC (QCOM) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The gross profit margin for QUALCOMM INC is rather high; currently it is at 64.70%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 19.46% is above that of the industry average.
• Net operating cash flow has slightly increased to $1,684.00 million or 4.01% when compared to the same quarter last year. Despite an increase in cash flow, QUALCOMM INC's average is still marginally south of the industry average growth rate of 7.40%.
• Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 30.89%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 39.63% compared to the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
• The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Communications Equipment industry. The net income has significantly decreased by 43.9% when compared to the same quarter one year ago, falling from $1,894.00 million to $1,062.00 million.
• You can view the full analysis from the report here: QCOM

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8. Ecolab Inc. (ECL) 
Industry: Materials
Year-to-Date Return: 11.9%

BofA Merrill Lynch Said: High quality stock with strong/stable EPS and dividend growth; Less commodity-sensitive than many Materials; slightly benefits from lower commodity prices; Strong pricing power and competitive position

TheStreet Said: TheStreet Ratings team rates ECOLAB INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate ECOLAB INC (ECL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Net operating cash flow has increased to $758.60 million or 23.73% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 13.26%.
• The gross profit margin for ECOLAB INC is rather high; currently it is at 53.96%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 7.48% trails the industry average.
• The debt-to-equity ratio is somewhat low, currently at 1.00, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Although the company had a strong debt-to-equity ratio, its quick ratio of 0.77 is somewhat weak and could be cause for future problems.
• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Chemicals industry and the overall market on the basis of return on equity, ECOLAB INC has underperformed in comparison with the industry average, but has exceeded that of the S&P 500.
• ECOLAB INC's earnings per share declined by 27.7% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, ECOLAB INC increased its bottom line by earning $3.93 versus $3.15 in the prior year. This year, the market expects an improvement in earnings ($4.40 versus $3.93).
• You can view the full analysis from the report here: ECL

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9. Verizon Communications (VZ) 
Industry: Telecom Services
Year-to-Date Return: -3%

BofA Merrill Lynch Said: Attractive yield along with dividend growth; Inexpensive; underweight by active managers; BofAML expects earnings growth to outpace peers and views subscriber base as most defensible

TheStreet Said: TheStreet Ratings team rates VERIZON COMMUNICATIONS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate VERIZON COMMUNICATIONS INC (VZ) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, growth in earnings per share, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Diversified Telecommunication Services industry average. The net income increased by 9.3% when compared to the same quarter one year prior, going from $3,695.00 million to $4,038.00 million.
• Despite its growing revenue, the company underperformed as compared with the industry average of 9.6%. Since the same quarter one year prior, revenues slightly increased by 5.0%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
• VERIZON COMMUNICATIONS INC has improved earnings per share by 11.2% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, VERIZON COMMUNICATIONS INC reported lower earnings of $2.51 versus $4.00 in the prior year. This year, the market expects an improvement in earnings ($3.97 versus $2.51).
• Net operating cash flow has increased to $9,520.00 million or 13.97% when compared to the same quarter last year. Despite an increase in cash flow, VERIZON COMMUNICATIONS INC's average is still marginally south of the industry average growth rate of 15.58%.
• The gross profit margin for VERIZON COMMUNICATIONS INC is rather high; currently it is at 59.87%. Regardless of VZ's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, VZ's net profit margin of 12.17% compares favorably to the industry average.
• You can view the full analysis from the report here: VZ

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10. NextEra Energy Inc. (NEE) Industry: Utilities
Year-to-Date Return: -7.1%

BofA Merrill Lynch Said: High quality regulated Utility with strong balance sheet and cash flows; Attractive and growing dividend; Very underweight by active managers

TheStreet Said: TheStreet Ratings team rates NEXTERA ENERGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

We rate NEXTERA ENERGY INC (NEE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• NEE's revenue growth has slightly outpaced the industry average of 0.8%. Since the same quarter one year prior, revenues slightly increased by 6.4%. Growth in the company's revenue appears to have helped boost the earnings per share.
• NEXTERA ENERGY INC has improved earnings per share by 28.7% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, NEXTERA ENERGY INC increased its bottom line by earning $5.60 versus $3.93 in the prior year. This year, the market expects an improvement in earnings ($5.65 versus $5.60).
• The company, on the basis of net income growth from the same quarter one year ago, has significantly outperformed against the S&P 500 and exceeded that of the Electric Utilities industry average. The net income increased by 33.2% when compared to the same quarter one year prior, rising from $660.00 million to $879.00 million.
• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Electric Utilities industry and the overall market, NEXTERA ENERGY INC's return on equity exceeds that of both the industry average and the S&P 500.
• 46.14% is the gross profit margin for NEXTERA ENERGY INC which we consider to be strong. It has increased from the same quarter the previous year. Along with this, the net profit margin of 17.74% is above that of the industry average.
• You can view the full analysis from the report here: NEE

By Laurie Kulikowski

Source:http://www.thestreet.com/story/13393987/1/bank-of-america-s-10-stock-picks-for-10-s-p-sectors-in-2016.html