Global growth will energize energy sector: US Trust
The energy industry appears poised to benefit from global growth, U.S. Trust President Keith Banks said Friday.
"We think energy is a good place to be," he said. "Global economic growth will be a trigger and a catalyst in some respect, but also just with all the drilling that needs to go on, all the new technology. So, we like the equipment players there."
On CNBC's "Halftime Report," Banks said U.S. Trust's new positions in energy were based on a positive outlook for the sector.
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"It's really across the board, but we like the companies that are exposed to the new technology, exposed to drilling," he said. "It's the infrastructure side of energy … more than the broader-based oil and gas plays."
Banks, who recently raised his 2014 price target for the S&P 500 to 1,870, also said U.S. Trust was overweight financials and technology.
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That was based on an improvement in corporate earnings from about $108 per share to $114 next year, he added.