Strategists and investment chiefs like Michael Landsberg are concerned about stock valuations.Corporate earnings are on track to defy the market's low expectations in Q1 2023, but leading investment strategists still see plenty of reasons to be cautious about US stocks., the drop through April has been about half of what markets were bracing for, according to Bank of America.
, said David Lebovitz, a global market strategist at JPMorgan Asset Management, in an interview with Insider late last week.But some investors aren't impressed by Q1 earnings — at least not enough to get bullish. Investors shouldn't celebrate earnings for clearing an unusually low bar, Landsberg added. Companies underpromised profits in past quarters so much that, in his mind, it would be alarming if results from Q1 weren't exceeding guidance.
"We believe the broader markets are pricey, especially given the earnings decline that is expected in first and second quarter earnings reports," Landsberg wrote in commentary sent to Insider via email last week."The market is a little extended from a valuation basis and is not quite reflecting the earnings slowdown."
Besides weaker earnings growth and lofty valuations, another risk for stocks is that upcoming quarterly results will miss higher expectations in a shaky economy.
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