Bank of America released a new report this week with its updated take on the energy sector.

According to the report, analysts now believe that the bottom is in for crude oil prices, and it’s time to start selectively buying back into energy stocks.

The Worst Is Over

Bank of America has been on the sidelines when it comes to energy stocks for quite some time based on the downside risk to oil prices. However, analysts now believe that the $43/bbl bottom in WTI prices earlier this year represents the low point in the oil collapse.

Bank of America is now calling for $57/bbl WTI in 2016 and $75/bbl in the longer-term.

Based on the latest projections, Bank of America has raised its rating on the energy sector to Overweight.

Historically Low Valuations

Despite the recent surge in energy sector stocks, analysts point out that…

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