Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 23, 2024.More than 32% of the S&P 500 has reported third-quarter numbers thus far. Of those companies, 76% have beaten analyst expectations, according to FactSet.
Paul Hickey, the co-founder of Bespoke Investment Group, said that he wouldn't read too much into the recent sell-off in stocks. He cautioned that the market might experience a slight pullback after November's U.S. presidential election, but that it would find its footing after the matter. However, continuing claims, which run a week behind, rose to just shy of 1.9 million, the highest since Nov. 13, 2021.
"From here shares should benefit from relatively low expectations, less risk of regulatory related earnings hits and a low valuation vs. peers," analyst Matt O-Connor wrote on Wednesday.The analyst upgraded the bank holding stock to buy from hold, and raised its price target to $26 per share from $24. UBS' forecast implies nearly 10% upside from Wednesday's $23.64 close.
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