Citi Strategists Downgrade US Tech Stocks as Rally to Broaden

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Citi Strategists Downgrade US Tech Stocks as Rally to Broaden

Bloomberg03-29

Also cut financials but raise consumer discretionary stocksStrategists see defensive stocks benefiting from lower ratesPedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New...

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They also raised consumer discretionary to overweight.“The growth-cyclical barbell we have advocated for several months now allows for a broadening into defensive parts of the market, particularly those that are more interest rate sensitive,” Citi strategists wrote.Within tech, the strategists maintained an overweight on the software sub-sector and are market-weight on semiconductors. Among other sectors, they cut financials to market-weight for the second quarter.The S&P 500 is already trading 3% above Citigroup’s end-year target of 5,100 “reflecting soft landing and AI enthusiasm.” In a separate note, Chronert pointed out a gauge of investor sentiment from the bank has reached “euphoria,” a level that aligns with lower probability of positive returns over the coming year.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":8,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}