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Citi’s Chronert Boosts S&P 500 Target, Yielding to Strong Rally

  • Strategist lifts year-end forecast to 5,100 from 4,900
  • The upgrade follows a strong finish to 2021 bull market

Just two days into 2022, Scott Chronert gave up on what had appeared to be a too conservative market view after U.S. stocks rounded out a third year of monster gains. 

The Citigroup Inc. strategist increased his year-end target for the S&P 500 to 5,100 from 4,900, citing an earnings expansion that could last for at least two more years. While keeping his 2022 earnings forecast at $220 a share, Chronert says an early look at 2023 profit growth suggests “solid follow-through.”