These are the best stocks to own for the surge in 'staycations,' says Bank of America

Published Wed, Jun 24 20206:31 AM EDTUpdated Wed, Jun 24 20208:41 AM EDT

(This story is for CNBC Pro subscribers only.) Bank of America is picking stocks of companies it says will benefit most from the way people are spending their free time during the coronavirus crisis. The firm noted that as the economy reopens, Americans are looking for social distancing and contactless leisure experiences instead of air travel and theme parks. "We believe COVID-19 is accelerating the consumer spending shift away from traditional entertainment and international travel to 'solitary' leisure activities and 'staycations,'" analyst Robert Ohmes said in a note to clients. Especially with fears of a potential second wave, travelers are avoiding flying and staying local, the firm noted. Spending on traditional entertainment — amusement parks, movie theaters and tourist attractions — is down nearly 90% in June from last year, Bank of America said, citing credit card data. Spending on golf and marine categories is up. "Visits to parks, beaches, & marinas continue to accelerate and are tracking 68% above Pre-COVID levels while visits to restaurants, shopping centers, theme parks, museums, libraries, & movie theaters are tracking 16% below Pre-COVID levels," said Ohmes. Bank of America pointed to Dick's Sporting Goods , beverage cooler-maker Yeti and Columbia Sportswear as the stocks that could benefit from the "staycation" trend. The firm recommends buying all three of the listed retailers. As one of the largest golf equipment retailers in the U.S., Dick's Sporting Goods should benefit from the increasing popularity in golf over the summer, Ohmes said. Bank of America raised its price target on Dick's Sporting Goods to $50 per share from $45 per share. Columbia Sportswear is expected to get a boost from a resurgence in camping, hiking and fishing, as visits to national parks continue to increase, the firm said. Bank of America raised its price target on Columbia Sportswear to $90 per share from $82 per share. "We also see YETI as a key beneficiary of the shift towards solitary leisure activities as its coolers & drinkware are used across marine, fishing, park, and beach activities," said Ohmes. The firm raised its price target for Yeti to $42 per share from $35 per share. — with reporting from CNBC's Michael Bloom.

Coolers sit on display for sale at the Yeti Holdings Inc. flagship store in Austin, Texas, U.S., on Wednesday, Sept. 12, 2018.

Sergio Flores | Bloomberg | Getty Images

(This story is for CNBC Pro subscribers only.)

Bank of America is picking stocks of companies it says will benefit most from the way people are spending their free time during the coronavirus crisis.

The firm noted that as the economy reopens, Americans are looking for social distancing and contactless leisure experiences instead of air travel and theme parks.

"We believe COVID-19 is accelerating the consumer spending shift away from traditional entertainment and international travel to 'solitary' leisure activities and 'staycations,'" analyst Robert Ohmes said in a note to clients.