Citigroup Lifts S&P 500's Year-End Target to 4,600

Reuters2023-07-31

(Reuters) - Citigroup raised its year-end target for the S&P 500 by 15% as it now sees a higher probability of a soft landing for the U.S. economy, as well as, an earnings upside.

The bank sees the S&P 500 ending 2023 at 4,600 points, a 0.4% uptick from Friday's closing of 4,582.23.

For 2024, the outlook seems brighter with Citi seeing the index jump to 5,000 points, up from a previous forecast of 4,400, and about 9% from current levels.

Citi pushed out its probability of a U.S. recession to the first half of 2024 from the last quarter of this year. The new S&P 500 projections better reflect that, the bank's strategists said.

The Wall Street bank now projects earnings of $220 per share in 2023 for companies on the S&P 500, up from the $215 projected earlier.

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Comments

  • Nase
    2023-08-01
    Nase
    It is always funny to look at this ppl last year they said 3200 for 2023 now they all got it wrong now they see current price they update and I am 99% sure they will be wrong again  So @tiger won't make a game for this ? 
  • BlitzBison
    2023-07-31
    BlitzBison
    Ok
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