Citi Joins BofA’s Cautious View on European Equity Markets
- Stoxx 600 has little upside, seen ending year at 457: survey
- Strategists wary of volatility and risks to economic growth
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Equity strategists who had urged caution on European stocks even amid January’s roaring rally are being vindicated, as more of their peers accept the market probably won’t see much more upside this year.
After a 4% year-to-date gain, the Stoxx Europe 600 index will rise to 457 points by end-2023, according to the average of 17 forecasts in a Bloomberg survey, implying a gain of only about 2% from Wednesday’s close. While most strategists are wary of making wholesale changes to predictions after a few volatile weeks, some formerly bullish participants are becoming more circumspect.