The stock market has been predicted to be on the positive side in 2019 with experts like Jonathan Golub of Credit Suisse forecasting the S&P 500 to reach 3,350 points in 2019, which is more than a 10% accretion from the current levels. “We believe that solid economic/EPS growth and benign recessionary risks will be sufficient to propel the market higher,” says Golub.
Jonathan Golub is the chief strategist of Credit Suisse and according to him, the S&P 500 will rocket past the 3,000 points he targeted for 2018, closing as high as 3,350 points by the end of 2019. “Our 2019 price target of 3,350 implies an 11.4 percent annualized advance over the next 16 months,” Golub wrote.
2018 was a year where strong earnings were one of the major drivers of the gains. However, 2019 is not looking to follow the same trend, as investors will be willing to pay more for A-list stocks of technology companies and consumer names, which will lead to the appreciation of the S&P in 2019.
This will not be the first time the team at Credit Suisse is publishing an encouraging equity analysis in recent times, with Golub's team stating that fear could prevent many from getting the kind of returns they desire. At that time, Credit Suisse told clients “while each issue has merit, we believe investors are underestimating the market's potential upside, and over-estimating risks.” The analysis was right as the S&P 500 rebounded to hit a record 2,901.52 points.
More volatility expected in 2019
It is worth noting that the more volatility and a possible higher cost of borrowing are predicted in 2019, despite being upbeat for most of 2019.
“The next 16-months will be particularly tricky for investors, with the threat of yield curve inversion, potentially disruptive midterm elections, and continued Fed tightening,” Golub wrote. “Despite these headline risks we believe that solid economic/EPS growth and benign recessionary risks will be sufficient to propel the market higher,” he continued.
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