Bank of America (NYSE:BAC) Boosts S&P 500's Profit Estimate

Bank of America Corp. (NYSE:BAC) said today they see the S&P 500 index reaching the 1,500 mark this year.

The giant bank said, “Our S&P 500 intrinsic valuation model puts 2011 year-end fair value at 1,530, but we retain our 1,400 target until we get more clarity on interest rates.”

BofA said they expect the combined earnings of companies listed on the index to come in at $95 a share for 2011. The previous estimate of Bank of America for the S&P companies was $93 a share on average. For 2012, they increased their estimate from $99 to $102 a share.