S&P 500 at 3,800 by the end of 2023 – SocGen

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Société Générale economists believe that the S&P 500 should trade in a wide range of 3,500 to 4,000 points. Ultimately, they expect the S&P 500 to end 2023 at 3,800..

US stocks aren’t cheap yet

“The risk premium on US equities is currently below average, despite falling this year, and we put the fair value of the S&P 500 at 3,650, based on our inflation moderation assessment framework. However, by 2023, we expect a decline in EPS in Q1, a change from the Fed in Q2, China reopening in Q3 and increased risk of US recession in Q4. These factors should make the S&P 500 trade in a broad 3,500-4,000 range somewhere around our fair value figure of 3,650.”

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“As a last resort, we expect the S&P 500 to end 2023 at 3,800“.

Source: Fx Street

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