S&P 500 Can Still Hit 5,000 by 2024 Even If Megacaps Stall, Says BofA
• S&P 500 could still reach BofA's 2024 target of 5,000 even if "Magnificent Seven" megacaps stay flat • Concerns about market's reliance on megacaps are overblown; breadth typically improves as bull markets age • November's broad stock advance suggests process of expanding breadth is beginning • Only 24% of S&P 500 stocks are within 10% of all-time highs, below 28% average • Magnificent Seven don't look overvalued based on growth expectations and 2022 losses