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Bank of America equity strategist Savita Subramanian raised her target for the S&P 500. As one of Wall Street's most bearish equity strategists, she had previously given the lowest target among market analysts, but she still warned that the index remains vulnerable to interest rate risk. Subramanian raised her year-end forecast for the S&P 500 from 7,100 to 7,400. The new forecast level implies a 3.4% decline from the index's close last Friday. According to data compiled by institutions from more than 20 strategists' forecasts for the S&P 500 at the end of 2026, her forecast remains one of the most pessimistic views on Wall Street. She expects the S&P 500 to rise to 7,800 over the next 12 months, only about 2% above the most recent closing level. Subramanian said on Monday: "We are entering a seasonally weak period, and in our view, a market pullback has been delayed for too long."