BofA, Oppenheimer latest on Wall St to slash S&P 500's annual target

Reuters

Mon, Apr 7, 2025, 7:03 AM 1 min read

(Reuters) - BofA Global Research and Oppenheimer Asset Management connected Monday became the latest Wall Street probe firms to chopped their year-end targets for the S&P 500 scale to beneath the 6,000 people successful effect to risks from a deepening planetary commercialized war.

Oppenheimer reduced its people for the benchmark scale to 5,950 from 7,100 target, portion BofA reduced to 5,600 from 6,666, making it 1 of the lowest connected Wall Street.

The S&P 500 scale slumped further connected Monday and was down much than 20% from its all-time high, putting the benchmark scale connected way to corroborate a carnivore market. [.N]

Global banal markets person seen a bruising sell-off arsenic investors bolt to safe-haven assets connected fears that President Donald Trump's tariffs could trigger a recession successful the world's biggest economy.

"At existent levels, the equity marketplace appears oversold successful our presumption with uncertainty astatine levels investors find hard to embrace," said John Stoltzfus, main concern strategist astatine Oppenheimer.

The scale closed astatine 5,074.08 connected Friday.

Stoltzfus besides reduced the earnings-per-share (EPS) estimation of the scale by 3.6% to $265.

Oppenheimer, which maintained its "overweight" stance connected U.S. equities, said its reductions of the scale people and net projection "do not connote a capitulation successful our bullish outlook towards equities but alternatively a request to acceptable expectations reasonably arsenic to however accelerated and to what levels banal prices are apt to retrieve based connected the grade of uncertainty".

(Reporting by Rashika Singh successful Bengaluru; Editing by Devika Syamnath)