Citigroup increased its S&P 500 year-end target by 15% as a result of its increased confidence in a soft landing for the American economy as well as the potential for stronger profitability.
According to the bank, the S&P 500 will close 2023 at 4,600 points, an increase of 0.4% from Friday’s closing price of 4,582.23.
According to Citi, the index will increase to 5,000 points in 2024, up from a previous prediction of 4,400 points and nearly 9% from present levels.Citi revised its estimate of the likelihood of a U.S. recession from the fourth quarter of this year to the first half of 2024. The updated S&P 500 predictions more accurately capture that, according to the bank’s experts.
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