Bank of America ups year-end target for S&P 500

However, it has warned investors to ignore the snapshot multiple implied by the updated target - namely a 21x multiple on 2023 earnings-per-share of $200E. This is because the figure is "elevated", it said. BofA: Credit crunch fears drive investors into highest bond allocation since GFC BofA explained that trough multiples have usually been higher - noting the 23x during Covid and 28x at the Global Financial Crisis - and are not "particularly predictive". It said it would be preferable to use a multiple on normalised earnings, as it is strongly predictive but only on a long-term horiz...