Posted 3/4/2024, 11:31:00 AM
Bank of America Lifts S&P 500 Target to 5,400, Though Sees Some Near-Term Dips
- Bank of America raises its S&P 500 target for end of 2022 from 5,000 to 5,400 based on 5 forecasting models, though expects some near-term pullbacks
- The bank's fair value model now suggests level of 5,050 based on shift of S&P mix to higher margin industries
- Technical factor of 12-month price momentum points to S&P 500 level of 5,543
- Earnings surprise index adjusted higher to 15% weighting, supports target of 5,523
- Valuation factor still suggests S&P 500 level of 5,247 but given less weighting due to predictive power over long-term