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.”
