Bank of America's Triple Momentum Allocator favors this US chip stock By

Bank of America analysts highlighted Broadcom (NASDAQ:) as a top pick within the US semiconductor industry in a note this week based on Forex foreign exchange app downloadtheir "Triple Momentum Rank" indicator.

This ranking considers a stock's momentum in earnings, price, and news sentiment.

BofA's Triple Momentum analysis currently favors the Tech Hardware, Semiconductors, and Insurance sectors globally. This aligns with past uptrends, where similar sectors outperformed during "Global Wave" periods.

Notably, BofA sees Tech Hardware's momentum strengthening in Europe and Asia, with Semiconductors leading the charge in the US.

Across global markets, BofA assigns a Triple Momentum Rank to all applicable stocks. Among large, liquid US stocks, Broadcom emerges as a leader alongside IFF (International Flavors & Fragrances (NYSE:)) according to this ranking.

Back-testing by BofA suggests that stocks with positive Triple Momentum have historically outperformed those with negative momentum by an average of 9.7% annually.

Within the Asian market, BofA's data positions Taiwan as the region with the strongest overall Triple Momentum Rank. Here, Cathay Financial and Quanta take the top spots based on the ranking.

Meanwhile, China's average Triple Momentum Rank has improved to 50, with Tencent and Kuaishou Tech leading the pack according to BofA's analysis.

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