Morgan Stanley predicts S&P 500 to end 2024 at 4500
Morgan Stanley’s Mike Wilson sees stocks nearly flat in 2024.
Wilson projects earnings growth in the S&P 500 (^GSPC) to $229 per share, resulting in a year-end target for the benchmark index of 4,500. That target represents nearly 2% upside to current levels, well below the average yearly return of about 10% for the S&P 500.
Wilson’s projection stems, in part, from lackluster commentary from companies about the health of the US economy and consumer headed into 2024.
“While the medium-term outlook for earnings looks positive, the near-term backdrop remains challenged,” Wilson wrote. “Earnings revisions breadth, which typically leads consensus estimates, has rolled over once again and is at the lowest level since March this year. Underpinning this trend is more cautious corporate commentary overall that’s once again centered on the macro.”
Wilson also highlights how the erosion of fiscal stimulus to fuel consumer spending and the…
2023-11-13 16:02:34
Original from finance.yahoo.com
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