Recent weakness in global equities could prove to be a “bear trap,” with markets potentially approaching a capitulation phase before rebounding, analysts at Bank of America have said.

Honeywell International expects its first-quarter revenue to be affected by high-single-digit percentages due to the ongoing Middle East conflict, CEO Vimal Kapur said at the BofA Securities Global Industrials Conference.

Bank of America upgraded Celsius Holdings two notches to Buy from Underperform and raised its price objective to $65 from $45, citing stronger-than-expected fourth-quarter results and improving 2026 growth prospects.

Owning large U.S. tech stocks, known as the “Magnificent 7,” is once again the most popular trade among investors, according to Bank of America’s (BofA) latest monthly fund manager survey. The group includes tech giants such as Nvidia and Microsoft.

BofA Global Research on Friday raised its year-end target for the STOXX 600 index to 530 from 500 on resilience in global growth following a U.S.-China trade truce.

Tesla (NASDAQ:TSLA) shares fell around 2% in premarket trading Tuesday after Bank of America analysts downgraded the stock to Neutral from Buy, News.az reports citing Investhing.