SocGen raised its S&P 500 price target for the end of 2023 to 4,750 (from 4,300)
<p>Reuters reporting, citing a Société Générale note. </p><p>SocGen raised its S&P 500 price target for the end of 2023 to 4,750 from 4,300. </p><ul><li>in coming months, calls for a recession will be "deleted/delayed" </li><li>"… we stay bullish near term."
</li><li>support for the S&P 500 coming from AI-driven investments and its also attractive against many other international equity markets, as "we have stagflation in Europe and disinflationary downturn in China."</li></ul><p>"We believe the S&P 500 will be the ‘last man standing’, in terms of defending its returns"</p><ul><li>but, SSG still expect a U.S. recession as the "core scenario," even if delayed</li></ul><p>Further out:</p><ul><li>target of 3,800 for Q2 of 2024<ul><li>expecting a "shock" to the index "likely driven by a contraction in U.S. consumer spending."
</li></ul></li><li>by Q4 2024 back to 4,750</li></ul><p>
Among the negative risks cited by the firm is if the 10-year U.S. Treasury yield hits 5% or higher</p><ul><li>would push the S&P 500 back to 4,000</li></ul>
This article was written by Eamonn Sheridan at www.forexlive.com.
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