Down 13.3 percent year-to-date, the Energy Select Sector SPDR (NYSE: XLE) is the worst performer among the nine sector SPDRs and that dubious battle is not all that close as the second-worst member of that group, the Materials Select Sector SPDR (NYSE: XLB), is off 10.3 percent.
XLE's doldrums have not stopped investors from pouring into the fund, nor has the largest equity-based energy exchange traded fund's lethargy prevented some analysts from being bullish on the fund. In a note out Tuesday, AltaVista Research reiterated an Overweight rating on XLE.
ETFs earning that rating from AltaVista show “above average appreciation potential. A rating of OVERWEIGHT is assigned to funds with ALTAR Scores above 8.0% but less than 11%. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals,” according to the research firm.
With an ALTAR score of 9.3 percent, XLE is the only one ...
/www.benzinga.com/analyst-ratings/analyst-color/15/10/5892951/overweight-a-struggling-energy-etf-one-research-firm-say alt=Overweight A Struggling Energy ETF? One Research Firm Says Yes>Full story available on Benzinga.com
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