BofA: If you’re worried about a bubble, buy these 16 non-AI stocks

2025-11-14T10:15:01.247Z

Bank of America highlights 16 undervalued non-AI stocks for investor diversification.
AI names have dominated recent S&P 500 returns, raising concerns about a tech bubble.
BofA’s recommendations span sectors such as retail, utilities, finance, and entertainment.

Wait, is there more to the market than AI stocks?

You’d be forgiven for not noticing that these days. AI is dominating the market narrative, and to be fair, stocks in these sectors have recently driven a large share of the S&P 500’s returns.

But as Bank of America pointed out in a note to clients this week, there are still opportunities beyond AI. Given investor concerns over the overheating of AI trading, the bank had a team of analysts compile a list of the non-AI stocks they like most.

They singled out 16 companies, all of which were rated “buy” by banks.

“The market may be so focused on owning companies that benefit from AI investments, from semiconductors to power plants to hyperscalers to the names of certain capital goods, that this topic may be missing out on other opportunities,” BofA analysts said.

“We thought it would be useful to highlight companies that are not generally considered direct beneficiaries of AI, but that our analysts find attractive,” the note continued. “While some of these stocks, like Freeport-McMoRan, have indirect exposure to AI, the stocks we selected do not trade like companies with direct exposure, and their exposure to AI may be overshadowed by other concerns.”

The 16 stocks are listed below in alphabetical order. Also includes comments from analysts.

Amkor

Ticker: AMCR

Analyst: George L. Stafos

Explanation: “George Stafos’ Buy rating on Amcor (AMCR) is supported by several strategic initiatives and improvement potential following the recent acquisition of Berry Global, as well as an attractive valuation.”

AT&T

Ticker: T

Analyst: Michael J. Funk

Explanation: “AT&T has an attractive 14% total return profile (EPS growth + dividends + share repurchases) and valuation support from a 10% FCF yield.”

BGC Group

Ticker: BGC

Analyst: Eli Abboud

Explanation: “Investor skepticism about BGC’s recent foray into interest rate futures is distracting from the attractive long-term growth characteristics of its energy business.”

church & dwight

Ticker: CHD

Analyst: anna rizzle

Explanation: “Anna Rizl raised the stock price in April based on her view that value-oriented portfolios will lead to higher stock prices. Slower wage growth and higher costs continue to plague U.S. consumers, and we believe CHD will benefit if consumers price out.”

dollar general

Ticker: DG

Analyst: Robert F. Ohms

Explanation: “Despite the improvement in earnings revisions, DG’s valuation is currently at a discount to its average level over the past five years.”

eversource

Ticker: E.S.

Analyst: Ross Fowler

Explanation: “Our 2026 and 2027 EPS forecasts are slightly above consensus,” the note said, adding, “We are increasing our numbers in line with the rating upgrade in late October, and we expect an EPS CAGR of 5.8% over the next few years.”

freeport mcmorran

Ticker: FCX

Analyst: lawson winder

comment: “Lawson Winder raised its stock price following a drop on news of the Grasberg mine accident and shutdown. Our estimate of $500 million in capital expenditures to remediate the mine is conservative and we believe that the Company’s restart schedule is unlikely to be delayed. ”

henry schein

Ticker: HSIC

Analyst: Allen Lutz

Explanation: “Allen Lutz double-upgraded HSIC earlier this year, finding a reliable path for this premier dental distributor to resume healthy high-single-digit to low-double-digit EPS growth, as it has consistently done for the pre-COVID-19 decade.”

JB Hunt

Ticker: JBHT

Analyst: Ken Hexter

Explanation: “Ken Hexter is optimistic about the company’s position in the midst of rail M&A, given that it is the nation’s largest intermodal transportation provider and its size should allow it to adapt to changes in the industry.”

key corp

Ticker: key

Analyst: Ebrahim Poonawalla

Explanation: “While local bank stock performance may remain challenging in the short term due to credit concerns and a lack of visibility on growth prospects, we believe KEY offers an attractive risk/return for investors given the tailwinds from backbook repricing and leverage on a recovery in domestic capital spending and sponsorship activity.”

mccormick

Ticker: MKC

Analyst: Peter T. Garbo

Explanation: “McCormick sources raw materials from more than 85 countries and expects the total impact of the tariffs to be $140 million annually (compared to approximately $2.8 billion in gross profits in 2026). Looking ahead, MKC expects to offset the impact of the incremental tariffs to the extent possible through productivity savings, alternative sourcing and supply chain initiatives.”

Onoku

Ticker: Orchestra

Analyst: Jean Anne Salisbury

Explanation: “The stock currently trades at less than 9x EV/2026 EBITDA, making it the lowest valuation among its midstream peers.”

progressive

Ticker: P.G.R.

Analyst: Joshua Shankar

Explanation: “While the bears have argued that the gains were the result of profits being too high relative to long-term average margins, and the bears have been making this argument for over 18 million years, corrections remain very positive.”

REG

Ticker: REG

Analyst: Sameer Khanal

Explanation: “REG ranks No. 1 among publicly traded shopping center REITs in our coverage area in BofA’s proprietary Shopping Center Rankings analysis. This score is based on demographics and exposure to the No. 1 grocery store in the market. We also favor REG for its approximately $300 million ground-up development pipeline in top markets given limited new retail development in the U.S.”

viking

Ticker: Vic

Analyst: Andrew D. Deidra

Explanation: “It works across the board. Divided into river, ocean and expedition segments, it has a dominant market share of over 50% in the river cruise category. Its differentiated, comprehensive and destination-focused offerings continue to differentiate it from its peers and drive superior financial performance. ”

walt disney company

Ticker: DIS

Analyst: jessica leaf ehrlich

Explanation: “Flights were canceled in November and travel to the Disney Experience could be affected, creating some risk for the December quarter. Still, many of these trips will be postponed rather than canceled, and Congress recently made progress toward lifting the shutdown.”

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