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Citigroup sees S&P 500 breaching 5,000-mark by year-end on robust earnings

Wednesday, January 5, 2022
Citigroup sees S&P 500 breaching 5,000-mark by year-end on robust earnings © Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

(Reuters) - Citigroup (NYSE:C) analysts on Wednesday raised their S&P 500 price target for the end of 2022, estimating it to breach the 5,000 level for the first time, as the brokerage expects strong corporate earnings to continue this year.

Earnings results from S&P 500 companies in 2021 blew past analyst estimates to deliver year-on-year growth in the first three quarters of 52.8%, 96.3% and 42.6%, respectively, according to Refinitiv, which currently sees fourth-quarter annual earnings growth of 22.3%.

Companies, consumers and the broader economy largely thrived in 2021, helped by several factors such as a transfer of power in the U.S. government, the "meme stock" phenomenon, generous fiscal and monetary stimulus, booming demand and price spikes.

Citigroup analysts raised their price target for the S&P 500 to 5,100 from 4,900 set in October, cautioning that a U.S. Federal Reserve policy tightening could pose valuation headwinds.

The S&P 500 rose about 27% in 2021, gaining more than 3% in the last two months alone. The index closed at 4793.54 on Tuesday.

Upcoming quarterly results and 2022 outlook of companies could provide the cushion for growth, despite COVID-19 and supply chain woes, Citigroup analyst Scott Chronert said.

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26-01-2022 10:14:38 (UTC+7)

EUR/USD

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EUR/USD

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AUD/USD

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US Coffee C Futures

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S&P 500

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2,037.60

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Adidas AG

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Deutsche Lufthansa AG

7.045

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 EUR/USD1.1287Neutral
 GBP/USD1.3499↑ Sell
 USD/JPY114.36Neutral
 AUD/USD0.7160↑ Sell
 USD/CAD1.2634↑ Buy
 EUR/JPY129.07↑ Buy
 EUR/CHF1.0387Buy
 Gold1,835.95↑ Buy
 Silver23.867↑ Sell
 Copper4.4988↑ Sell
 Crude Oil WTI87.10Neutral
 Brent Oil88.68Neutral
 Natural Gas4.123Neutral
 US Coffee C239.48↑ Buy
 Euro Stoxx 504,173.05Neutral
 S&P 5004,426.28Sell
 DAX15,482.75Neutral
 FTSE 1007,500.45↑ Sell
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,037.60Neutral
 IBEX 358,649.24↑ Sell
 BASF67.590↑ Sell
 Bayer51.58Sell
 Allianz224.95Sell
 Adidas245.15↑ Sell
 Lufthansa7.045↑ Sell
 Siemens AG141.84↑ Sell
 Deutsche Bank AG11.437↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 10:14:40
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JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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