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Citigroup: Raises the year-end target for the S&P 500 Index to 8,100 points, with AI profit growth as the main driving force

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Golden Finance reports, June 8 — Citigroup states that profit growth driven by AI development is expected to push the S&P 500 index above 8,000 points by 2026. The bank has raised its year-end target for the S&P 500 to 8,100 points, representing an over 9.5% increase from last Friday’s closing price, previously set at 7,700 points. Strategist Cronart predicts that by 2026, the S&P 500 earnings per share will reach $350, rising to $400 in 2027. Cronart said, “The tailwind from AI is significantly boosting the fundamentals of related industries, and we are confident that earnings will continue to outperform expectations through the end of the year.” He pointed out that unexpectedly strong earnings in the first quarter are quite common, though difficult to sustain, but the surprise rate in the coming quarters will remain above normal levels. Cronart believes that earnings will replace valuation expansion as the main driver of the index. He added that although uncertainties surrounding the US-Iran war, inflation, and interest rate paths may cause volatility, AI spending remains a focus for investors. Regarding concerns about an AI bubble, Cronart believes the market’s enthusiasm for AI growth is far from over. “We are in the middle stage, and future P/E ratios will tend to be moderate, with earnings growth bearing greater responsibility,” he said.
SPYX0.63%
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