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RESTAURANT APOCALYPSE: One in 5 restaurants in the US could permanently close because of the coronavirus pandemic, putting millions out of work
Close to 20% of restaurants across America could permanently close because of the coronavirus pandemic, according to a UBS note on Wednesday.
UBS outlines an ‘enormous opportunity’ to buy up high-quality stocks and bonds following a sharp sell-off in recent weeks
Recent weeks saw equities across all S&P quality rankings tumble, and investors should "own high-quality names" when the virus threat fades, UBS said.
"Our previous assumptions are invalid and even our downside scenario is becoming too rosy," UBS economist Seth Carpenter wrote in a Thursday note.
These stocks trade close to "robust downside cases, thereby offering an attractive risk-reward profile for the next 12 to 18 months," UBS said.
Costco "is one of the better positioned retailers to weather any impact from COVID-19," the disease caused by coronavirus, according to UBS.
UBS recommends exposure to the Nasdaq Internet Index, which includes stakes in Netflix, Facebook, Amazon, and other household names.
The hit to China's economy accounts for most of UBS's forecast, with disruptions in Thailand, Singapore, and Hong Kong also weighing on expansion.
Amazon, Coca-Cola, Walgreens, and more: Here are one Wall Street firm’s top 20 high-conviction calls of 2020
UBS compiled its high-conviction list by asking all North American analysts for their top stock pick of next year.
A majority of the world’s richest investors expect a ‘significant’ stock sell-off in 2020, UBS survey finds
UBS assessed 3,400 investors with more than $1 million in assets, finding that most see more volatility and that the US-China trade war is a concern.