04-05-2020, 10:28 AM
Quote:Still, Bank of America as a firm doesn’t see a big rebound.The bank cut its year-end target on the S&P 500 to 2,600 from 3,100, which would translate into a nearly 20% loss for the full-year 2020 and is only about 4.5% higher from current levels. The new outlook represents the most bearish view on Wall Street, according to the CNBC Market Strategist Survey that rounds up 16 top strategists’ forecasts. The outlook reflects the bank’s U.S. GDP forecast of a 7.7% drop this year, which would mark the worst post-war recession in history. The firm also expects the S&P 500 earnings per share to tumble 29% this year as the pandemic wreaks havoc on corporate profits. Bank of America says the lows for stock prices and corporate bonds are in