Brokerage sees 3% upside to the current levels
HSBC on Monday raised its year-end target for the benchmark S&P 500 to 5,400 from its prior forecast of 5,000, assuming a soft-landing for the U.S. economy and implying about 3% upside to the current levels.
“The higher target stems from better earnings expectations, supported by resilient GDP growth, recent earnings beats and positive sentiment from corporates in the last earnings season,” HSBC strategists wrote in a note. The brokerage expects the second half of 2024 to be “more volatile” due to U.S. elections, elevated earnings expectations and a shifting narrative from “when” to “how much” the Fed will cut interest rates.
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