BoA equity strategists forecast:
- S&P500 2023 target at 4000
- but a drop to a low of 3000 before that
BoA cite:
- easy Fed policy and tightening credit conditions typically equate to the worst phase for stocks
- $200 in S&P500 EPS for FY 2023e, broadly inline with current consensus
- would deliver a 9% y/y EPS fall, which is circa 50% of the typical drop seen in a recession
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