Tags: oppenheimer | stocks | 2024 | s&p 500

Oppenheimer Predicts S&P 500 Will Rise 13% in 2024

Oppenheimer Predicts S&P 500 Will Rise 13% in 2024
The Wall Street Bull statue in New York's financial district (Dreamstime)

Tuesday, 12 December 2023 07:16 AM EST

Oppenheimer Asset Management issued one of Wall Street's most bullish S&P 500 targets for 2024, forecasting solid corporate earnings growth and waning inflationary pressures.

Oppenheimer Chief Investment Strategist John Stoltzfus and his team set a year-end S&P 500 price target of 5,200, nearly 13% above the U.S. stock index's Dec. 8 close of 4,604.37.

Wall Street firms including Citigroup and Deutsche Bank have issued 2024 targets of 5,100 for the benchmark S&P 500, while BofA Global Research is among those with a target of 5,000.

Oppenheimer expects 2024 to be a "year of transition" as the Federal Reserve pivots from a restrictive monetary policy setting to an easier stance, with the U.S. central bank moving to lower rates by the fourth quarter of next year.

"Our outlook assumes that the slowing economic growth evident in early data for the fourth quarter for 2023 extends into 2024, further dampening the inflationary pressures," Stoltzfus and his team said in a report published Monday.

The S&P 500 has climbed nearly 20% so far in 2023, within about 4% of its all-time high, but the gains have been led by a group of megacap tech and growth stocks in a few sectors.

While Oppenheimer strategists expect such stocks will continue to do well, they expect gains to broaden to other sectors and to small- and mid-cap stocks. The asset manager expects S&P 500 earnings to rise by about 9% in 2024.

Separately, CFRA set a target of 4,940 for the S&P 500.

"We think 2024 will be another favorable year for equity markets," CFRA Chief Investment Strategist Sam Stovall said in a note on Monday, with "double-digit" S&P 500 earnings growth.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Oppenheimer Asset Management issued one of Wall Street's most bullish S&P 500 targets for 2024, forecasting solid corporate earnings growth and waning inflationary pressures.
oppenheimer, stocks, 2024, s&p 500
277
2023-16-12
Tuesday, 12 December 2023 07:16 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved