STOCKS | BofA's Savita Subramanian Raises S&P 500 Year-End Target to 7,400

According to Sina Finance, Bank of America's head of U.S. equity and quantitative strategy, Savita Subramanian, said in a Monday report that the firm raised its S&P 500 year-end target from 7,100 to 7,400, saying the long-term bullish case remains intact. The firm also set a 12-month S&P 500 target of 7,800. Subramanian wrote that the market is entering a seasonally weak period and that a pullback was overdue. She remained cautious about inflation risks and the possibility of Federal Reserve rate hikes, saying any catalyst that pushes financing costs higher could "accelerate the pain."