Citi Ramps Up US Stock Outlook, Joining Goldman and Evercore ISI
- Big Tech’s sway, broadening earnings growth prompt upgrade
- Traditional target-setting measures ‘inappropriate’: Chronert
A Citibank branch in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Gains in the shares of American technology giants are likely to keep pushing the S&P 500 Index to new highs, says Citigroup Inc.’s Scott Chronert.
The bank’s US equity strategist boosted his year-end forecast for the stock benchmark on Monday, to 5,600 from 5,100. He cited continued strength in the so-called Magnificent Seven stocks and expectations for earnings growth to extend to other S&P 500 companies. The index rose about 1% Monday, on pace for its 30th record close this year, with Apple Inc. among the leaders.