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- Credit Suisse raises its S&P 500 target for the year
Credit Suisse raises its S&P 500 target for the year
Jonathan Golub, the chief U.S. equity strategist at Credit Suisse, boosted his year-end forecast for the S&P 500 by 100 points to 3,025, a level that represents a 7 percent increase from Friday’s close. Growth in corporate profits is slowing more than expected, but improving sentiment means investors will be willing to pay a higher multiple for stocks, Golub says.
“Investors have not fully re-risked portfolios following 4Q’s turbulence -- despite a sharp decline in volatility and spreads -- and ... valuations will drift higher as they do so,” Golub said. “Receding risks drive market higher,” he added, referring to a less hawkish Federal Reserve and a potential U.S.-China trade deal.
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