Societe Generale raises 2024 target for S&P 500 to 5,500

According to Golden Ten reports, Societe Generale strategists raised the target for the SP 500 Index at the end of 2024 from 4,750 points to 5,500 points, believing that American exceptionalism is becoming stronger and stronger. Strategists Manish Kabra and Charles de Boissezon said the boom in artificial intelligence and improving credit conditions are macro themes that continue to boost U.S. stocks. The bank also upgraded the U.S. financial rating for the first time since December 2021. Analysts raised their 2024 earnings per share growth forecast from 5% to 12%, to $243, and lowered their 2025 earnings per share growth forecast from 15% to 11%, to $270. They also believe that stocks have already experienced their best returns, but the market may not depreciate until the Fed starts raising interest rates or profits start to slow, neither of which will happen in 2024.