At least 2 US analysts have raised their S&P 500 forecast to 4600. Don't worry, be happy.

[forex4you]

At least 2 US analysts have raised their S&P 500 forecast to 4600. Don't worry, be happy.

Wells Fargo lifted its S&P 500 target to 4,60, citing:

• FOMC
• seasonality
• but did warn that defensives are signalling a 'yellow flag'

Bank of America headline their note with 'Don't worry, be happy":

• raise their S&P 500 2023 year-end target to 4600
  • from 4300 previously
• Citing their "US Regime Indicator" and that it improved for the second consecutive month and is now in "Recovery phase"
• "we believe Q2 2023 marked a trough in the profits cycle"

BoA also had comments on the likelihood of a US recession:

• 
  difficult to see a US recession when the consumer is spending 4% more y/y
• The consensus would say a very small recession, pushed out
• 
  US consumers are still spending on goods & travel
• credit-and debit-card payments are at higher levels
• the quality of consumer assets remains very strong
• "We anticipate a potential recession at some point in the future. Our own economists have really pushed that off."

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: At least 2 US analysts have raised their S&P 500 forecast to 4600. Don't worry, be happy.

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