The Globe and Mail reports in its Thursday, Jan. 5, edition that Wall Street strategists are playing
catch-up to the rally in U.S.
stocks after forecasting the
smallest annual gain in more
than a decade. A Bloomberg dispatch to The Globe reports that four days into the year,
Stifel Nicolaus & Co. equity strategist
Barry Bannister boosted
his 2017 estimate for the S&P
500 index to 2,400 from 2,300,
two weeks after Citigroup analyst
Tobias Levkovich raised his
projection by 100 points to
2,425.
With the advance since Donald
Trump's election showing
few signs of abating, Tony
Dwyer of Canaccord Genuity
admits that his 2,340 call may
prove to be conservative.
Market strategists are turning more optimistic
after starting 2017 with the
dourest 12-month forecast for
any year in more than a decade.
In a mid-December survey, the
average S&P 500 forecast stood
at 2,356, a 5.2-per-cent increase
that is the least bullish since
2005.
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