BofA’s Subramanian Dumps Dire S&P 500 Call After Big Rally
- While taming bearishness, strategist sticks to cautious view
- Rallying stocks forcing many to upgrade their market outlook
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Count Savita Subramanian as the latest strategist to surrender to an equity rally that has powered the S&P 500 well past Wall Street’s year-end forecast.
The head of U.S. equity and quantitative strategy at Bank of America Corp. boosted her 2021 projection for the benchmark index to 4,250 from 3,800. The gauge closed around 4,520 on Tuesday. The old target had put her on par with Barry Bannister at Stifel Nicolaus as the most bearish among strategists tracked by Bloomberg.