BANK OF AMERICA: These 13 cheap stocks could skyrocket 35% or more - because they're shielded from recession and a sharp China slowdown

• Savita Subramanian, head of US equity and quantitative strategy for Bank of America, says her firm has pulled together a list of stocks that are simultaneously low-risk and have a lot of room to rally over the next year.
• The group could help investors put together a portfolio that's relatively protected from the threats of an economic slump and a prolonged manufacturing disruption in China.
• Subramanian says many of them have already priced in a recession, which could limit their downside.
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When the dust clears, Bank of America's strategists plan to get back to basics.

As investors grapple with the combination of a global slowdown caused by the coronavirus outbreak and a devastating shock in oil prices, Savita Subramanian - head of US equity & quantitative strategy for the firm - has compiled a list of stocks with a couple of clear strengths that give them a shot at huge gains in a radically reshaped market.

She writes that those stocks are have Bank of America's highest-conviction "Buy" ratings as well as these three qualities.

"1) The outlook does not materially rely on China demand or supply; 2) the demand outlook is not overly discretionary - either defensive or secular; 3) valuations have fallen well below avg. or are at levels that reflect a recessionary backdrop," she wrote.

Combined, that makes a group of equities that is relatively protected against damage to both manufacturing difficulties and an economic slowdown in China, should hold up well if the US economy weakens or goes into a recession that crimps consumer spending, and is unusually inexpensive.

The stocks are ranked from lowest to highest based on the upside implied by Bank of America analysts' 12-month price targets. That potential gain was calculated based on March 10 closing prices.