BofA Raises Target on S&P 500, Traders Eye (SPY)

Bank of America raised its 2012 price target for the S&P 500 from 1400 to 1450. Head of U.S. equity and quantitative strategy, Savita Subramanian, said she expects risk premiums will subside over the next two years and, given current valuation, investors will likely earn healthy returns in the long run.

SPDR S&P 500 (NYSE: SPY) ETF is up 12 percent year to date. It closed down last week, following a weak report on April jobs gains. SPY is expected to open lower on Monday morning, as markets come under pressure following elections in France.

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