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.
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