(Bloomberg) -- European stocks may climb as much as 27 percent by the end of next year as corporate earnings improve and valuations are “attractive,” according to BofA Merrill Lynch Global Research. The Dow Jones Stoxx 600 Index may reach 315 within 12 months as global gross domestic product is forecast to increase 4.4 percent, the bank said. Stimulus measures by governments and central banks “have played heroic roles in reaching this state but it is no longer just about liquidity,” London-based strategists Gary Baker and Patrik Schowitz wrote in a report dated today. “We see macro and valuation support for equities at current levels. Credit markets remain supportive.”
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