Goldman Sachs Group Inc.’s David Kostin and Bank of America Corp.’s Savita Subramanian are part of a growing list of strategies that have raised their forecasts for the S&P 500 Index following a challenging rally in US stocks in the first quarter. half of 2023. Meanwhile, Morgan Stanley’s Mike Wilson has reaffirmed his bearish stance alongside Kolanovic.
The rally in US stocks has stalled in recent days as investors weigh the path of interest rates. Even so, the S&P 500 is still up 13.7% year to date.
Kolanovic was one of Wall Street’s biggest bulls through much of the 2022 market crash, but has since done a U-turn on deteriorating economic prospects this year, slashing output of the bank’s shares to mid-December, January, March and May.