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Bank of America raises S&P 500 EPS outlook on strong Q1 earnings

Adel 25 May, 2023 2:54 pm Global Stock Market, Market Update

As the first quarter earnings season proved to be stronger than expected, Bank of America analysts increased their forecast for what the S&P 500 may earn in 2023.

The updated S&P 500 profits per share forecast is $215, up from $200 before, marking a 5% earnings beat in Q1. According to strategists, the “strong” results once again highlighted Corporate America’s capacity to sustain profits.

BofA now forecasts that Q2 will be the quarterly trough (-8% YoY) and Q3 will be the trailing 12-month trough (-4% peak-to-trough).

The firm predicts the S&P 500 to earn $235 in 2024, reflecting a 9% increase year on year following a 1% decrease this year.

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