Technology is awesome! Credit Suisse: S&P 500 index year-end target raised to 4700 points.
The Chief Quantitative Research Officer of Credit Suisse stated that due to the reduced risk of a short-term economic recession in the United States and the excellent profit prospects of technology giants, Credit Suisse has raised its year-end target for the S&P 500 index from 4,050 points to 4,700 points. Currently, the S&P 500 index is around 4,545 points, with an increase of approximately 18% since the beginning of the year.
According to the information obtained from the Zhītōng Finance APP, the Head of Quantitative Research at Credit Suisse stated that due to the decreased risk of a short-term economic recession in the United States and the excellent profit prospects of technology giants, Credit Suisse has raised its year-end target for the S&P 500 index from 4,050 points to 4,700 points. Currently, the S&P 500 index is around 4,545 points, with an increase of approximately 18% since the beginning of the year.
In addition, analysts also mentioned that the earnings per share forecast for 2023 has been revised upward to $220, compared to the previous forecast of $215. The earnings per share forecast for 2024 has been raised from $220 to $237, and it is pointed out that another factor contributing to the growth in 2024 is the rebound in technology company profits and stock buybacks. The analysts emphasized that our baseline scenario is that an economic recession will be avoided, inflation will remain sticky around current levels, and monetary policy will gradually tighten.