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Here are Bank of America's favorite stocks for the first quarter of 2019

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Disney, Procter & Gamble and AT&T made Bank of America Merrill Lynch's list of high-conviction ideas for the first quarter in 2019.

"These high conviction ideas are based on our views of potential significant market- and business-related catalysts that we think will affect these stocks in the quarter," the bank's strategist Anthony Cassamassino said in a note to clients on Wednesday.

For Disney, its acquisition of a large portion of 21st Century Fox, which the bank expects to close in the first quarter, will "lift a major overhang on shares" and lead to more than $2 billion in cost savings and international business growth, Bank of America said.

Shares of Disney dropped only 3 percent in 2018 when the was down more than 7 percent. The bank set its 12-month price target for the media giant at $144, which would translate into a gain of 33 percent.