Barclays expects US equities to fall in H2 of 2023, forecasts S&P500 at 4150 by year-end
<p>Barclays does not expect the tech-centric rally seen so far this year to spread more broadly to the rest of the index. </p><ul><li>forecasts S&P 500 at 4150 by year-end (previously had estimated 3725)</li><li>expects equities to remain range bound</li><li>sees full-year S&P 500 earnings per share at $218, from $200 prior</li><li>"Surprisingly resilient goods consumption through 1H23 was one of the main reasons why our prior EPS estimate was low in hindsight"</li><li>
"While the economy has enjoyed a handful of backstops to date, we believe the outlook is still murky, considering the forward path of inflation remains unclear, which means rates are likely to remain higher for longer"</li></ul><p>A bit further out:</p><ul><li>"We also introduce our 2024 S&P 500 price target at 4500, and our FY24 EPS estimate at $22"</li></ul>
This article was written by Eamonn Sheridan at www.forexlive.com.
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