Credit Suisse overweight on Indian shares, bets on cyclicals
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Credit Suisse says "overweight" on India, noting return on equity in the country could be at an "inflection point" after three consecutive months of upgrades in consensus earnings-per-share (EPS) forecasts.
Cyclicals could continue to outperform defensive stocks, adds the investment bank.
"We believe valuations, EPS revision trends, and rises in US bond yields and the ISM (Institute for Supply Management) suggest cyclicals could have further to outperform," Credit Credit Suisse says in the report dated Thursday.