S&P 500 Earnings Could Go From Bad to Even Worse in 2023, BofA Says
- Since June, consensus EPS estimates have plunged 13% to $220
- Focus will be on guidance and tighter credit conditions
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As Wall Street faces what’s set to be an ugly earnings season of deteriorating profits and weakening guidance, Bank of America Corp. strategists say the rest of 2023 could be even worse.
The firm expects “big cuts” to plague full-year earnings estimates as companies report first quarter results, with weaker forecasts likely this season against a worsening economic backdrop.