Bank Of America Merrill Lynch: High-Quality Small-Cap Stocks Are CheapRupert Hargreaves
Bank of America, Merrill Lynch's August small-cap strategy report, warns of high valuations across the small-cap universe but also notes that quality small-caps are now trading at their lowest valuations in more than 15 years.
Small-cap, high price
The small-cap universe currently trades at a forward P/E of 19x earnings, which is in the top quintile of valuations on a historical basis. BoA notes, this kind of excessive valuation usually leads to a period of poor performance . . .
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