Evercore strategists back dour S&P 500 view, expect weaker earnings outlook

Beers & Burgers: Harvey's To Go | SaltWire #harveys #burger #beer #foodbloggerNEW YORK - U.S. earnings estimates are likely to weaken as companies issue cautious outlooks, according to Evercore ISI strategists, who stood by their view the S&P 500 will end the year well lower than current levels.

The strategists reiterated their year-end target for the S&P 500 of 4,750, about 7% below Friday's close of 5,123.41 for the benchmark index. The strategists said they were defensively positioned, including"outperform" ratings on the consumer staples, healthcare and communication services sectors, as they anticipate"intensifying volatility."

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