Savita Subramanian, head of US equities and quantitative strategy at Bank of America, has the lowest year-end target for the S&P 500 index in a Bloomberg survey, which means it will fall from Wednesday's closing price. Subramanian's cautious attitude towards US stocks stemmed from her concerns about rising leverage ratios associated with AI infrastructure construction and often narrowing credit differences, which may indicate that the credit cycle is about to deteriorate. She favors large-cap value stocks, pointing out that in industries such as energy and finance, there is no shortage of companies with healthy operations and clean balance sheets.

Savita Subramanian, head of US equities and quantitative strategy at Bank of America, has the lowest year-end target for the S&P 500 index in a Bloomberg survey, which means it will fall from Wednesday's closing price. Subramanian's cautious attitude towards US stocks stemmed from her concerns about rising leverage ratios associated with AI infrastructure construction and often narrowing credit differences, which may indicate that the credit cycle is about to deteriorate. She favors large-cap value stocks, pointing out that in industries such as energy and finance, there is no shortage of companies with healthy operations and clean balance sheets.