Four top Wall Street analysts outlook for the S&P 500 improved arguing that The rise of artificial intelligence (AI) is not over yet.
First of all, Julian Emanuelfrom Evercore ISI, increased its price target for the index to 6,000 points from 4,750, which would imply an increase of 10% compared to the current price. According to the specialist, “the AI revolution is in the first innings”.
For its part, Ben Sniderfrom Goldman Sachs, now expects the S&P 500 to end 2024 at 5,600 points, just 2% more than at present. Previously, his goal was 5,200 points. The expert detailed that the growing profit expectations of Alphabet, Microsoft, Amazon, Meta and Nvidia “offset the typical pattern of negative revisions to consensus earnings per share estimates”.
While, Scott Chronertfrom Citi, also raised its projection from 5,100 to 5,600 pointssince the momentum of high-value technology companies had a positive impact on the entire stock index. “The generative influence of AI as an engine of continued incremental growth is permeating the US stock market environment right now”he related.
At the same time, Venu Krishnaof Barclays, said he currently has a 5,300-point call option on the S&P 500 because the metric could surpass the 6,000 points by the end of the year if the technology trend continues.
Invest in the S&P 500 from Argentina
For take advantage of the bullish trend of the S&P 500Argentine investors must open a client account with a broker that is regulated by the National Securities Commission (CNV), such as Bull Market Brokers.
Subsequently, you must transfer the desired funds, in pesos or dollars, from a bank account of the same owner and acquire Argentine Certificates of Deposit (Cedears).
These financial instruments are equivalent to purchasing the underlying ETF listed abroad, but they can be traded in local currency (BCBA: SPY) and follow the evolution of the CCL exchange rate, so they allow evade the Argentine risk and, at the same time, hedge against an eventual exchange rate jump.
