BNP has flipped its S&P 500 forecast to end 2023 at 4150, from 3400 previously

Bloomberg with the info from an interview with BNP’s head of US equity and derivative strategy.

He was previously forecasting a big drop by year-end to 3400 for the benchmark US index. Is now targeting 4150. The new projection is because analysts at the bank now think the US will avoid recession:

  • “Our outlook for this year was always predicated on the idea of seeing a recession in the US”
  • “I think us, along with many people on the Street, have been surprised at the resilience of the data in the US”

Now expects stocks will sink slowly as growth cools and analysts lower forecasts for corporate earnings:

Bloomberg is gated.

This article was written by Eamonn Sheridan at Source