Despite the U.S. stock-market rally this year bolstered by the euphoria around artificial intelligence and hopes that the U.S. economy can avoid a recession as inflation falls, stock prices have been anything but simple to predict this year, a challenge exemplified recently by some of the Wall Street’s most prominent analysts.
Subramanian’s new target is one of the highest on Wall Street, behind only Oppenheimer, Fundstrat, Piper Sandler’s Craig Johnson, Credit Suisse and Société Générale, according to data compiled by MarketWatch. Last month, Oppenheimer Asset Management analysts projected the S&P 500 would jump above its record high by the end of 2023, lifting their year-end price target for the large-cap index to 4,900 from the 4,400 projection they set in December, said a team of strategists led by John Stoltzfus, chief investment strategist.
Among 20 Wall Street investment banks, brokers and research firms that MarketWatch collects S&P 500 estimates from, nearly half of them have revised upwards their estimates for 2023 in the past two months, according to data compiled by MarketWatch. See: The ‘narrow breadth’ chorus has fallen silent. What broadening participation in stock-market rally means for investors.
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