Wall Street warmed to U.S. stocks in June, BofA data show, but many analysts remain bearish.

Wall Street professionals have proven once again that the higher U.S. stocks climb, the more bullish analysts become.

To wit, the latest reading from Bank of America Global Research’s popular sell-side indicator showed that Wall Street analysts’ outlook on the U.S. stock market brightened in June at the fastest clip since November 2022. The S&P 500 index capped off the first half of 2023 with its highest close in more than 14 months on Friday, while also cementing a gain of 6.5% for the month.

To be sure, plenty of Wall Street strategists, including JPMorgan Chase & Co.’s Marko Kolanovic, Morgan Stanley’s Michael Wilson, and even Subramanian’s BofA colleague Michael Hartnett, believe the rally will soon run out of steam.

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