As the coronavirus outbreak continues to hit global markets, Credit Suisse cut its 2020 S&P 500 target while also reducing earnings estimates.
As the coronavirus outbreak continues to weigh on markets, Credit Suisse on Monday cut its market forecast for the year and said that earnings growth for U.S. companies will be near-zero.
"Investor perceptions surrounding the impact of the coronavirus have shifted from a supply chain disruption to a global demand shock," Golumb wrote in a note to clients Monday. The firm said that what started as a supply chain disruption has evolved into a "global demand shock," and that there's likely "further downside to stock prices over the near-term" before markets turn a corner.
The firm also cut its 2020 earnings per share forecast to $165 from $175, for a decline of about 5.7%.
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