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This bank thinks the S&P could fall 15% this summer

Paul Souders | Digital Vision | Getty Images

Bank of America Merrill Lynch equity analysts are among the most bearish on Wall Street, and they say the S&P 500 could retest its February lows this summer — about 15 percent below current levels.

Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch Global Research, said on a conference call Wednesday that this summer, the could retest its February lows near 1,800. That's 16 percent below Wednesday's record close of 2,152.43.

She cited factors such as valuation, seasonal weakness and uncertainties around the upcoming U.S. presidential election and Europe.