瑞信上调了2021年和2022年标普500指数成份股公司的每股收益预期，但下调了该指数的市盈率预期。
Credit SuisseThere is still plenty of room for corporate earnings to grow, which should push the s & p 500 up nearly 9% to 5000 points between now and the end of next year, it said on Monday.
Credit Suisse reiterated its target of 4600 by the end of 2021, meaning it was up 3.7 per cent from Friday's closing price. But the bank said the stock market could run into trouble in the near term as investors grapple with the resurgence of the COVID-19 epidemic and the Fed's eventual scaling back of its asset purchase programme.
Analysts led by Jonathan Golub, chief strategist and head of quantitative research at Credit Suisse, wrote: "over the past five quarters, analysts have grossly underestimated earnings per share, and we expect this trend to continue."
Credit Suisse raised its earnings per share forecast for S & P 500 companies in 2021 and 2022, but lowered its price-to-earnings ratio forecast for the index.
"despite disappointing economic data, soaring input costs and reduced inventories, earnings per share exceeded expectations by 16 per cent in the second quarter due to stronger revenues (up 5 per cent) and profit margins (up 11 per cent)," they wrote. We believe that with the restocking of vacant shelves and the maintenance of pricing power, there is still room for corporate profits to rise. As unemployment falls further and wages rise, consumer spending should also improve. ""
