Barclays sees opportunities following 'indiscriminate selloff'

So-called 'long-only' and retail investors had not yet capitulated but "complacency had gone" and stocks were technically "deeply" oversold, which was usually after six to 12 months.

Given that the extent that the damage from the COVID-19 virus remained unknown, their recommendation to clients was not to expect a V-shaped rebound in stockmarkets.

They also conceded that "the near-term price action could remain choppy and volatility elevated".

Nonetheless, policymakers were not idle.

"Policymakers are wasting no time in providing stimulus, which should facilitate the rebound of the economy later in the year and lead to higher equity markets," they said.

"Patience and portfolio diversification are warranted, but the depressed bond yields and lack of alternatives may push investors to opportunistically add to equities once the dust settles."

With the above in mind, they highlighted 20 stocks to own "for an uncertain 2020", including three "compelling" long-term opportunities, including London-listed Reckitt Benckiser.

Organic sales at Reckitt were seen picking up "signitificantly" to reach a mid-single digit rate of increase by 2023 thanks to heightened investment.

"We expect this, all else being equal, to result in RB rerating to 22-24x forward P/E, well above the current level of 16.5x."

The remaining stocks were: Airbus, Anglo American, ASML Holding, Avast BPost, Delivery Hero, Faurecia, Grifols, Koninklijke Philips, Lloyds, Relx, Roche, SBM Offshore, Schneider Electric, Segro, Serco, Tesco, Vodafone, and Zurich Insurance Group.

On average, they had 33% upside potential to their target prices.