The artificial-intelligence craze hasn’t moved Citigroup’s year-end target for the S&P 500, but the bank’s equity analysts are keeping an eye out for what they’ve labeled the “p-AI-n trade.”
That would be the pain trade inflicted by AI enthusiasm or a potential pause or pivot in the Federal Reserve’s interest-rate hiking cycle, according to a Citi Research note dated June 2. Citi analysts, led by managing director Scott Chronert, currently have a year-end target of 4,000 for the S&P 500.
“The recent market action continues to tell us that, under the index surface, ongoing recession risk is being priced in,” the analysts wrote. Meanwhile, the trading range that the Citi analysts expect to see around their year-end target is “now being tested to the upside.”
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