Worried about a tech bubble? Bank of America says investors can diversify with these 16 cheap non-AI stocks.

Ticker: AMCR

Analyst: George L. Staphos

Commentary: “George Staphos’ Buy-rating on Amcor (AMCR) is supported by several strategic initiatives and potential improvements following the recent acquisition of Berry Global, and an attractive valuation.”

Ticker: T

Analyst: Michael J. Funk

Commentary: “AT&T has an attractive total return profile of 14% (EPS growth+dividend+share repurchase) and valuation support with a FCF yield of 10%.”

Ticker: BGC

Analyst: Eli Abboud

Commentary: “Investor skepticism around BGC’s recent push into interest rate futures has distracted from their energy business’s compelling secular growth characteristics.”

Ticker: CHD

Analyst: Anna Lizzul

Commentary: “Anna Lizzul upgraded shares in April on the view that the value-oriented portfolio would translate to share gains. Slower wage growth and rising costs have continued to challenge the US consumer and we believe CHD benefits as consumers trade down.”

Ticker: DG

Analyst: Robert F. Ohmes

Commentary: “Valuation for DG is currently cheaper than levels, on average, over the last 5 years despite improving earnings revisions.”

Ticker: ES

Analyst: Ross Fowler

Commentary: “Our EPS estimates for ’26 and ’27 are modestly ahead of consensus,” the note said, adding: “We raised numbers in conjunction with our late October upgrade and expect a 5.8% EPS CAGR over the next several years.”

Ticker: FCX

Analyst: Lawson Winder

Commentary: “Lawson Winder upgraded shares following a selloff which was driven by news of the Grasberg mine accident and outage. Our estimate that it will cost $500mm in capex to repair the mine may be conservative and we believe the company’s restart timeline is unlikely to slip.”

Ticker: HSIC

Analyst: Allen Lutz

Commentary: “Allen Lutz double upgraded HSIC earlier this year seeing a credible path for this best-of-breed dental distributor to resume compounding EPS growth at healthy high-single to low-double digit rates as it did consistently for the entire decade pre-COVID.”

Ticker: JBHT

Analyst: Ken Hoexter

Commentary: “Ken Hoexter is optimistic on the company’s positioning in the midst of rail M&A given that it is the largest domestic intermodal provider and its scale should allow it to adapt to industry changes.”

Ticker: KEY

Analyst: Ebrahim Poonawala

Commentary: “While regional bank stock performance could remain challenged near-term due to credit concerns and the lack of visibility on growth outlook, we think KEY offers an attractive risk/reward for investors, given the tailwind from back book repricing and leverage to a pick-up in domestic capex/sponsor activity.”

Ticker: MKC

Analyst: Peter T. Galbo

Commentary: “McCormick sources ingredients from over 85 countries and the company expects a $140mm annualized gross impact from tariffs (relative to gross profit of about $2.8B in 2026). Looking ahead, MKC expects to offset as much of the incremental tariff impact as it can with productivity savings, alternative sourcing and supply chain initiatives.”

Ticker: OKE

Analyst: Jean Ann Salisbury

Commentary: “Shares now trade at sub-9x EV/2026 EBITDA, among the lowest valuations of midstream peers.”

Ticker: PGR

Analyst: Joshua Shanker

Commentary: “Bears have argued that earnings beats are a result of over-earning against long term average margins but bears have been making this argument for over 18M and yet revisions have remained strongly positive.”

Ticker: REG

Analyst: Samir Khanal

Commentary: “REG ranks #1 in our BofA proprietary shopping center ranking analysis among publicly listed shopping center REITs within our coverage. This score is based on demographics and exposure to the #1 grocer in a market. We also favor REG for its roughly $300M ground-up development pipeline in top markets given there is limited new retail development in the US.”

Ticker: VIK

Analyst: Andrew D. Didora

Commentary: “It operates across river, ocean, and expedition segments, with a dominant > 50% market share in the river cruise category. Its differentiated, all-inclusive, destination focused product continues to set it apart from peers, driving superior financial performance.”

Ticker: DIS

Analyst: Jessica Reif Ehrlich

Commentary: “Cancelled flights in November and the potential that Disney Experiences trips will be affected, presenting some risk to the December quarter. Still, many of these trips will be postponed rather than cancelled and Congress has recently made progress on ending the shutdown.”