Everyone’s buzzing about BofA’s bullish call on the S&P 500. In case you missed it, strategist David Bianco raised his 12-month target from 1400 to 1450.FT Alphaville wants to know what he’s smoking. Zero Hedge thinks he’s “perfectly oblivious” of what’s going on in Europe.
WSJ‘s Mark Gongloff goes easier on Bianco, saying “Bank of America Merrill Lynch should bottle his essence and sell it as a pick-me-up because this guy has got some seriously hard-core optimism.”
Wall Street strategists are no strangers to criticism. Surely, Bianco expected that the timing of his contrarian revision would make him the target of intense scrutiny.
Perhaps one word can sum up his call: “courage.” Bianco uses the word in one of his note’s bullet points.
“Discipline & courage earn gains–S&P 500 typically rallied 15%+ Sep-Jan when priced for a recession that didn’t come.”
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