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Bank of America and JP Morgan Recommend Buying the Russian Stocks

19 june 2014

BofA Merrill Lynch and JP Morgan have recommended to buy the Russian stocks for the first time since the "Crimean crisis" evoked, RBC daily reports.
After going as an outsider Russia has become one of the leaders in lists of companies regarded attractive for investors, BofA Merrill Lynch analysts wrote in a report.
"Now the Russian stocks are cheap and undervalued, despite the recent rally,” - the report says. “Moreover, dividends yield of Russian shares almost equal to the projected P/E ratio (dividends bring the same income as buying shares based on the growth rate - RBC)". This rarely happens at the market, provided that there are some concerns and factors similar to those in peripheral European countries at the end of 2011, the analysts added.
At the end of 2011 due to the debt crisis in some European countries share prices of European companies dropped.
BofA Merrill Lynch economists expect that Russia's GDP will grow by 2.1% next year compared to 0.9% in the current year, and that will result from return of investments in the country. They also emphasize the long-term positive effects of the gas deal between Russia and China, which will lead to an increase in infrastructure spending, and for several years will contribute $50 billion to the GDP along several years.
BofA Merrill Lynch recommend buying shares of primarily state-owned companies - "Rosneft", "Gazprom Neft" and ALROSA.
Analysts of JP Morgan Chase agree with their colleagues and have rated shares of the Russian companies as overweight. This category means that analysts recommend increasing the proportion of the appropriate shares in the portfolios.