BofA raises S&P 500 earnings estimate

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Bank of America raises S&P 500 earnings estimates to $250, up from the previous forecast of $235 on back of AI wave.

They have also introduced their EPS forecast for 2025, setting it at $275.

BofA projects the so-called hyperscalers, including Microsoft, Amazon, Alphabet and Meta to allocate $180 billion towards capital expenditures in 2024, marking a 27% year-over-year (YoY) increase.

reuters.com - Bofa lifts sp profit forecast AI enters virtuous cycle

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