Citi strategist Scott Chronert revised his outlook for U.S. equities, reducing the 2025 year-end target for the S&P 500 to 5,800 from a previous estimate of 6,500. He also decreased his earnings per share projection for the benchmark index to $255 from $270, citing increased market uncertainty tied to trade policy.
Chronert pointed to mounting unpredictability in tariff strategies, saying they threaten to unwind the trade framework established since China's 2001 entry into the World Trade Organization. The strategist added that optimism at the start of the year has given way to significant doubt. Citi's broader global equity team also downgraded U.S. stocks to Neutral from Outperform, warning that perceived market exceptionalism is losing momentum and that tariffs could disproportionately hurt corporate earnings.
Meanwhile, Bank of America (NYSE:BAC) reported first-quarter earnings that outperformed expectations. The bank posted GAAP earnings of $0.90 per share, exceeding analyst estimates by $0.08. Revenue climbed 6% year-over-year to $27.37 billion, supported by gains in both noninterest income and net interest income. Credit loss provisions totaled $1.5 billion, slightly above the $1.3 billion reported in the same quarter last year.
Book value per common share increased 8% to $36.39, while tangible book value rose 9% to $27.12. Shares of Bank of America were up 1% in premarket trading.
This article first appeared on GuruFocus.免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。