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BofA Strategists Boost S&P 500 Profit Forecast to Join Top Bulls

Mar 12, 2024 - bloomberg.com
Bank of America Corp. strategists, including Ohsung Kwon and Savita Subramanian, predict that the S&P 500 will deliver stronger-than-expected earnings in 2024. This forecast is based on anticipated resilient economic growth and breakthroughs in artificial intelligence. The strategists have increased their earnings-per-share estimate from $235 to $250, matching the most optimistic outlook among strategists tracked by Bloomberg Terminal.

The Bank of America team is now among Wall Street’s most bullish profit forecasters. They also set a target of $275 for the S&P 500's earnings per share in 2025. Their outlook ties with those from BMO Capital Markets and Deutsche Bank AG for the most optimistic view.

Key takeaways:

  • The S&P 500 is expected to deliver stronger-than-expected earnings in 2024, driven by resilient economic growth and artificial intelligence breakthroughs, according to Bank of America Corp. strategists.
  • These strategists, including Ohsung Kwon and Savita Subramanian, are now among Wall Street’s most bullish profit forecasters.
  • The team raised their earnings-per-share estimate to $250 from $235, tying with BMO Capital Markets and Deutsche Bank AG for the most optimistic outlook.
  • Bank of America's earnings-per-share target for 2025 is $275.
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