Factbox: Banks cut S&P 500 earnings, other targets due to coronavirus [Reuters]
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Source: Reuters
Factbox: Banks cut S&P 500 earnings, other targets due to coronavirus NEW YORK (Reuters) - Strategists from top U.S. financial firms have been cutting their earnings per share and other targets for the S&P 500 .SPX due to the expected impact of the coronavirus pandemic on corporate results. Here are some of their views: ** In a note Thursday, Bank of America Merrill Lynch’s head of U.S. equity and quantitative strategy, Savita Subramanian, said the firm has slashed its 2020 EPS view from $169 to $138, implying a 15% year-over-year decline. The revised view came as the bank’s economics team declared that “The U.S. recession is here,” and noted that the second quarter will be “brutal” with a 12% quarter-on-quarter seasonally adjusted annual rate drop. ** Also on Thursday, Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, came out with a second set of adjustments to S&P 500 forecasts in a note. For S&P 500 EPS, she said RBC has lowered its full-year 2020 forecast to $1
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