Bank of America gives mea culpa on missing rally, raises S&P 500 forecast

Bank of America financial center manager, center, shows a customer how to use the ATM with Teller Assist station in Cherry Creek.
Andy Cross | Denver Post | Getty Images

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After the furious market rally ripped through Bank of America's target for the S&P 500, its top strategist has issued a "mea culpa."

Savita Subramanian, the bank's head of equity and quantitative strategy, hiked her target for stocks and said in a note that the injection of liquidity from the Federal Reserve had boosted large tech stocks.