Citigroup analysts turned “underweight” on U.S. equities on recession fears but were bullish on European stocks, saying much of the pessimism was already priced-in.More broadly, it expects earnings per share for stocks in the MSCI All Country World index to contract by 5-10% over the year.
The index, which was last trading at 606, could end 2023 towards the higher end of a 680-780 points range, Citi said in a research note. For 2023, the bank favors defensive sectors such as healthcare and cheaper cyclicals including energy and financials over more expensive technology and consumer discretionary names.
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