Bank of America sees better-than-feared earnings: ‘Big beat ahead’

Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.

Brooks Kraft/Apple Inc/Handout via Reuters

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The second-quarter earnings reporting season is about to begin and Bank of America has higher hopes for U.S. business results than the rest of Wall Street. 

The firm said there is a “big beat ahead,” forecasting overall S&P 500 earnings will come in 8% higher than the consensus of analysts’ expectations. 

A fifth of S&P 500 companies report earnings next week with the consensus estimating earnings of $23.20 per share for the second quarter, a 44% decline year over year. Bank of America is forecasting EPS of $25. To be sure, the bank’s estimate is still a 39% decline for earnings since last year. 

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