Reported 8 months ago
Citigroup Inc.'s US equity strategist has revised the year-end forecast for the S&P 500 Index to 5,600 from 5,100, attributing it to the strength in technology stocks like Apple Inc. and expectations for earnings growth extending to other S&P 500 companies. This update makes Citigroup the third firm, after Goldman Sachs Group Inc. and Evercore ISI, to raise their forecast for the index, signaling optimism in the market despite previous forecasts being surpassed. The heightened optimism is influenced by the growth of mega-cap tech stocks and positive economic factors, leading to an increased chase among Wall Street forecasters to keep up with the rally this year.
Source: YAHOO