HSBC Joins Bank of America and UBS in Raising Year-End Target for S&P 500 to 5,400
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HSBC has raised its year-end target for the S&P 500 to 5,400, joining Bank of America and UBS in predicting a strong finish for the index in 2024. The revised target reflects HSBC's optimism about a soft-landing for the U.S. economy. HSBC cites better earnings expectations, resilient GDP growth, recent earnings beats, and positive sentiment from corporates as factors contributing to their revised forecast. They also note that the second half of 2024 may be more volatile due to U.S. elections, elevated earnings expectations, and a shifting narrative on interest rate cuts. However, under HSBC's bear-case scenario, they expect a year-end target of 4,800 if economic data continues to run hot. With this update, HSBC joins Bank of America Global Research and UBS in forecasting the S&P 500 to end...
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