Citi raises year-end target for S & P 500 to 5,600
2024-06-17 19:47:49
Citi strategists raised their end-of-year target for the S & P 500 to 5,600 from 5,100, making it the third Wall Street firm since Friday to raise its outlook for the benchmark, after Goldman Sachs and Evercore ISI. Strategists led by Scott Chronert wrote in a note to clients on Monday that continued earnings revisions and the expansion of profit growth to non-tech stocks contributed to the increase in the target. The latest forecast implies an increase of about 2% from Monday's level. Citi raised its full-year earnings per share forecast to $250 from $245.
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