This week, the S&P 500 has hit record highs above 3,800, surpassing Bank of America s year-end target of 3,800 for the S&P 500 for 2021.
The target was included in the bank s wider US equity outlook for 2021 released on November 24, 2020. The S&P 500 was sitting at 3,635 at the time of the report and the estimate offered a 6% upside. Our 2021 year-end target for the S&P 500 is 3800 (+6% upside), said Bank of America, equity analyst Savita Subramanian. The recovery is intact and the world likely re-opens in the 2H, but a lot of optimism is priced in already on vaccine/recovery. Vaccine execution risk, delayed fiscal stimulus and longer lockdowns are risks.