US-based analyst sees year end S&P 500 as high as 4850

<p>A beefed up equity market forecast via a note from Jefferies Group, a US investment bank/financial services company headquartered in New York City.</p><p>In summary, the equity researchers boosted their year-end target for the benchmark index, citing easing inflation, positive economic surprises and fading earnings downgrades:</p><ul><li>Our new base case for the S&amp;P 500 year-end target is 4500 (previously 4050)</li><li>Our bull case of 4850 (previously 4650) assumes FY24 EPS witness almost no cuts and PE of c.20x. </li><li>… bear case of 3500 remains the same factoring in a dotcom like recession</li></ul><p>For the balance of this year, the analysts still see growth remaining slow. </p><p>I drew in those bull and bear case targets as close as my eyes and wobbly mouse would permit. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.