Evercore strategists back dour S&P 500 view, expect weaker earnings outlook
NEW YORK - U.S. earnings estimates are likely to weaken as companies issue cautious outlooks, according to Evercore ISI strategists, who stood by their view theAs first-quarter reporting season gets underway, 30 S&P 500 companies have posted results so far with a 6% earnings beat, according to BofA Global Research. Stocks slumped on Friday following results from several major banks, the first big day of the quarterly reporting season.
The strategists reiterated their year-end target for the S&P 500 of 4,750, about 7% below Friday's close of 5,123.41 for the benchmark index. The strategists said they were defensively positioned, including"outperform" ratings on the consumer staples, healthcare and communication services sectors, as they anticipate"intensifying volatility."
The Wells Fargo Investment Institute on Monday raised their year-end S&P 500 forecast to a range of 5,100-5,300, up from 4,800-5,000 previously. WFII's strategists also lifted their targets for S&P 500 earnings and U.S. economic growth in 2024.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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