A blockbuster earnings season has spurred analysts to a two-decade bullish high
It’s been two decades since Wall Street analysts were this upbeat.
“It’s not just financial conditions and low rates fuelling the appetite for risk assets — tremendous fundamental improvement is forecast into 2022,” Todd Jablonski, chief investment officer at Principal Global Asset Allocation, said in a note. In both regions, results were stronger than implied by the acceleration in growth momentum during the period, JPMorgan strategists said in a note.While some of that earnings optimism has been priced into markets, analysts see scope for more gains. Converting aggregated 12-month price targets for Stoxx 600 members implies about 9% upside for the index from current levels, while for the S&P 500 the implied gain is about 10% and for Asia 21%.
Yet such bullish sentiment doesn’t come without a hint of exuberance and it wouldn’t be the first time that investors were caught on the wrong foot.
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