BofA latest institution to boost S&P 500 target

Price target: Goldman Sachs’ headquarters in New York. The American lender has raised its outlook twice since December. This follows the Fed’s dovish policy shift and comes as the S&P 500 closes above the significant 5,100 milestone for the first time. — Bloomberg

NEW YORK: Bank of America Corp’s (BofA) Savita Subramanian is the latest equity strategist to ratchet up her target for the S&P 500 Index to among the highest on Wall Street after this year’s rally left forecasters blindsided.

Subramanian now expects the benchmark to end the year at 5,400, compared with her earlier target of 5,000, implying a gain of about 5% from last Friday’s close.