Stock market strategist raises S&P 500 price target by 16% to 4,700 as rally keeps defying skeptics
Credit Suisse is the latest firm to reassess as the benchmark index continues its blistering rally into the dog days of summer.
and strong positive earnings revisions for some of the largest technology companies, the strong rally in stocks is justified. "Job openings remain abundant, which is inconsistent with a recession in the near term," Credit Suisse said."The pace of firings is inconsistent with a recession." While Credit Suisse observed that market valuations remain high compared to historical levels, they appear more reasonable when compared to current bond yields. The high valuations also suggests that investors will likely rotate out of mega-cap tech stocks that have driven most of this year's gains and into other areas of the market.
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