Analysts at Bank of America (BAC) have highlighted 10 stocks in Europe that they are most bullish on relative to consensus.
In a note published Wednesday, BofA investment strategists Andreas Bruckner, Sebastian Raedler and Thomas Pearce revealed which stocks made their “beat factor” top 10 in March.
This referred to stocks on which the investment bank’s analysts were most positive versus consensus, when comparing price objectives and earnings estimates. Each of the top 10 stocks has a “buy” rating from BofA analysts.
“Our sector analysts’ bottom-up projections imply 21% upside potential in aggregate for the European stocks under BofA Global Research coverage over the coming 12 months, versus 8% upside potential implied by bottom-up consensus estimates,” they said.
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“BofA analysts expect 14.6% EPS growth for the European companies under their coverage in 2026 (versus consensus at 12.4%, with the difference driven mainly by financials and partly offset by discretionary) and 13.5% EPS growth in 2027 (versus consensus at 12%).”
BofA analysts’ views on the materials and industrials sectors were found to be the most positive versus consensus, with their bottom-up projections pointed to 25% and 23% upside potential, respectively, over the next 12 months.
Four of the top 10 “beat factor” stocks are in the financial sector, while three operate in industrials, two are in materials and one is in the consumer staples industry.
FTSE 100-listed (^FTSE) mining company Antofagasta (ANTO.L) was among the new entries into BofA’s ranking this month and had the highest beat factor score of 100.
BofA’s analysts earnings per share (EPS) estimates on Antofagasta for 2026 are 42% above consensus estimates, and are 85% higher than consensus for 2027.
Shares in Antofagasta are up 14.6% year-to-date at the time of writing, with the stock hitting a fresh record high in late February, just over a week after the company reported record annual earnings in its full-year results.
Demand for so-called safe-haven investments amid geopolitical turmoil and economic uncertainty has pushed gold and silver prices higher. Growing industrial demand for copper has also driven up its prices. The rise in these commodity prices has boosted the shares of mining companies.
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Fellow FTSE 100-listed miner Glencore (GLEN.L) was the other materials sector stock in BofA’s beat factor top 10, with a score of 95. The stock is up 30.4% so far this year, buoyed by rising commodity prices.