US-based analyst sees year end S&P 500 as high as 4850

A beefed up equity market forecast via a note from Jefferies Group, a US investment bank/financial services company headquartered in New York City.

In summary, the equity researchers boosted their year-end target for the benchmark index, citing easing inflation, positive economic surprises and fading earnings downgrades:

• Our new base case for the S&P 500 year-end target is 4500 (previously 4050)
• Our bull case of 4850 (previously 4650) assumes FY24 EPS witness almost no cuts and PE of c.20x.
• … bear case of 3500 remains the same factoring in a dotcom like recession

For the balance of this year, the analysts still see growth remaining slow.