Bank of America Raises S&P 500 Forecast for 2024 with Bull and Bear Case Scenarios

Sunday, 3 March 2024, 22:51
Bank of America has revised its S&P 500 forecast for 2024 to 5,400, presenting both bullish and bearish scenarios for the index. Despite a neutral sentiment gauge, analysts predict potential gains, outlining a more optimistic bull case scenario of reaching 6,500 while considering a bear case of S&P 4,100. The article also mentions Barclays increasing its year-end 2024 target for the S&P 500 to 5,300 from 4,800 previously.
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Bank of America Raises S&P 500 Forecast for 2024 with Bull and Bear Case Scenarios

Bank of America Raises S&P 500 Forecast

A note from Bank of America analysts revealed an increase in the S&P 500 forecast to 5,400 for 2024.

Bull and Bear Case Scenarios

The analysts outlined a bull case scenario projecting a rally to 6,500 and a bear case scenario forecasting the index at 4,100.

  • The Bull Case: Lower real rates and an ERP of the 80s/90s, yielding a real cost of capital below 4ppt.
  • The Bear Case: Economic weakness causing lower real rates and a higher ERP.
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