Citi Strategists Say Buy Dips, Don’t Chase Stock Rallies in 2024
- See 8% upside for global stocks and 9% earnings growth
- Prefer cyclicals sectors, Europe ex-UK and emerging markets
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There’s no room for double-digit gains again. With less upside expected for global stocks this year than in 2023, Citigroup Inc. strategists say buy at times of weakness and don’t chase rallies.
While the probability of broadening earnings growth and a soft landing for the global economy will support stocks in 2024, a rerating for valuations remain unlikely after last year’s rally, strategists led by Beata Manthey wrote in a note on Friday.