BofA’s Subramanian Is Latest on Wall Street to Boost S&P 500 Target
- Strategist expects benchmark index to end the year at 5,400
- Firm sees stronger economic growth and higher profits in 2024
This article is for subscribers only.
Bank of America Corp.’s Savita Subramanian is the latest equity strategist to ratchet up her target for the S&P 500 Index to among the highest on Wall Street after this year’s rally left forecasters blindsided.
Subramanian now expects the benchmark to end the year at 5,400, compared with her earlier target of 5,000 — implying a gain of about 5% from Friday’s close. Indicators are flashing bullish signals on stronger earnings growth ahead and “surprising” profit margin resilience, she said.