Bank of America slashes its S&P 500 target by 16% to the lowest on Wall Street, cites 'deepest post-war recession' on record
and putting companies in distress. Against this backdrop, the bank also lowered its 2020 earnings-per-share forecast to $115 from $138. The 2020 forecast implies a 29% slump, worse than the average earnings drop during the great recession, which was about 20%.
Subramanian also expects that companies will throw"all ills into 2020 results with an obvious scapegoat, setting a clean slate for 2021." Buy these 14 stocks flush with the cash reserves to survive a prolonged coronavirus crisis, BTIG says "The fast and aggressive policy response, and the improved quality of the S&P 500 also point to a more resilient recovery," Subramanian wrote.
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