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Monday, November 23, 2009
BofA Lifts S&P 500 Target To 1,275, Oil To $85
By Nick Godt
MarketWatch Pulse
NEW YORK -- Bank of America Merrill Lynch on Monday said it raised its 12-month target on the S&P 500 index to 1,275 from 1,200 previously, citing expectations of improved earnings per share in the financial, technology and energy sectors. The firm also raised its oil price forecast to $85 a barrel for 2010 and 2011, up from a forecast of $75 for next year and of $80 in 2011, based on expected strong demand from Asia. Crude oil for January delivery recently traded at $78.12 a barrel, up 0.7% on the day, and the S&P 500 index rose 1.4% to 1,106. The financial sector of the S&P should benefit from stronger capital markets activity and lower costs to fund liabilities, BofA Merrill said. It also expects higher earnings in the technology, industrial and material sectors of the S&P, driven by cost-cutting and improved margins.
Copyright © 2009 MarketWatch, Inc.
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