Savita Subramanian, head of US equities and quantitative strategy at Bank of America, said in a report on Monday that the bank raised the target level of the S&P 500 index from 7,100 points to 7,400 points at the end of the year, saying that the long-term bullish logic still holds true. The bank also set a target of 7,800 points for the S&P 500 over the next 12 months. “We are entering a period of seasonal weakness, and we think the market should have pulled back long ago,” Subramanian wrote. The new year-end target is 3.4% lower than the S&P 500's closing point last Friday. Remaining cautious about the risk of inflation and the possibility that the Federal Reserve will raise interest rates, saying that any catalytic factor driving up financing costs could “accelerate the onset of pain.”

Savita Subramanian, head of US equities and quantitative strategy at Bank of America, said in a report on Monday that the bank raised the target level of the S&P 500 index from 7,100 points to 7,400 points at the end of the year, saying that the long-term bullish logic still holds true. The bank also set a target of 7,800 points for the S&P 500 over the next 12 months. “We are entering a period of seasonal weakness, and we think the market should have pulled back long ago,” Subramanian wrote. The new year-end target is 3.4% lower than the S&P 500's closing point last Friday. Remaining cautious about the risk of inflation and the possibility that the Federal Reserve will raise interest rates, saying that any catalytic factor driving up financing costs could “accelerate the onset of pain.”