JPMorgan's S&P target is 4500 (year-end 2021)
A quickie from a JPM note on the US equities.
Looking for much greater gains, citing:
- Expectations of many key risks subsiding (e.g. U.S. elections, pandemic and vaccine news, etc.) clearing the path to a more positive forward outlook”
- While there has been some upward pressure on rates, central bank policy continues to be accommodative and a major pillar of support for equity multiples.
JPM are wary on a rise in yields though, saying a 1.5% 10-yr UST yield would make them less comfortable on US stocks.