Citi strategists said the Q1 reporting season can be described as a "beat-and-hold," noting that 2024 consensus growth expectations for the S&P 500 remain largely unchanged, though there are notable signs of sector and single-stock broadening.
“All told, valuations are still telling us strong fundamentals are expected, and need to be delivered on,” they said, adding that their 2024 S&P 500 earnings per share estimate of $245 “should be attainable, if not conservative.” As for growth trends, Citi strategists said they continue to strongly emphasize their market-implied growth, which indicates a more favorable outlook.
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