Believing sentiment sentiment and revision trends have ‘bottomed’, BMO chief investment strategist Brian Belski raises his TSX forecast for 2024

Believing sentiment sentiment and revision trends have ‘bottomed’, BMO chief investment strategist Brian Belski raises his TSX forecast for 2024“We frequently get asked what we think is the biggest risk facing the Canadian banking sector right now. Our answer is not rates, nor housing, and not even regulation, all of which are important issues, but rather something bigger than all of that — namely the outlook for the Canadian economy.

“We are increasing our S&P/TSX price target to 24,500 from 23,500. While this is a minor 4% increase to our price target, it reflects multiple signs that both sentiment and revision trends have bottomed and are beginning to improve, which we believe will be a key tailwind for valuation expansion into year-end. We are not increasing our 2024 EPS target at this point, given the bottoming of revision trends are likely more supportive of 2025 EPS.

CIBC’s Benjamin Tal was one of the few to correctly predict the BoC’s rate moves so far this year. Here is what he’s forecasting now

Source: News Formal (newsformal.com)

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