Earnings Season Is Off to Best Start in a Decade, Bank of America Says
- Of the S&P 500 firms that reported 90% beat EPS estimates
- Bank says its 2023 EPS target too low if March scare temporary
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First quarter earnings have kicked off defying analysts’ warnings for the dreariest season in years, according to Bank of America Corp. strategists.
Of the 30 S&P 500 companies comprising 10% of the index that reported results so far, 90% have trounced earnings per share estimates while 73% beat on sales, strategists led by Savita Subramanian said in a research note Monday. That marks the best upside surprise in the first week of a reporting period going back to at least 2012, thanks largely to impressive results from JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co.