Wall Street Forecasters Are Rushing to Lift Stock Outlooks
- UBS is at least third firm boosting S&P 500 call in past month
- Goldman, RBC have also raised forecasts since mid-December
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After sidestepping last year’s scorching stock rally on concern about higher interest rates, Wall Street’s top forecasters can’t get bullish fast enough amid expectations for cuts by mid-year.
UBS is the latest bank to lift its outlook for US equities, ratcheting up its 2024 forecast for the S&P 500 Index by 6% on Tuesday, to 5,150, following the Federal Reserve’s dovish policy shift in December. The move comes roughly a month after the Swiss lender set its year-ahead call for the US equity benchmark at 4,850. RBC Capital Markets boosted its outlook last week, while Goldman Sachs Group Inc. did so in December, a month after setting it.