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The S & P 500 has more room for upside in 2024, according to RBC Capital Markets head of U.S. equity strategy Lori Calvasina. The upgrade comes as the S & P 500 wraps up a monster start to the year. The strategist also expanded her 2024 earnings forecast to $237 from $234, which underpins her overall higher outlook for the S & P 500. Calvasina also laid out her bull case, which has the S & P 500 soaring to 5,400, nearly 3% above Wednesday's close. The current signal is little changed from her January S & P 500 forecast, where she also said U.S. equities appeared to be overbought.
Persons: Lori Calvasina, Calvasina Organizations: RBC Capital Markets, CNBC's Market, Survey
Lori Calvasina, the bank's head of U.S. equity strategy, raised her year-end S & P 500 price target to 5,150 from 5,000. This is approximately 9.6% higher than the S & P 500's Friday closing level of 4,697.24. Last week, the S & P 500 snapped a nine-week winning streak as investors began pulling back on the technology titans. The yield on the benchmark U.S. 10-year Treasury also traded above 4% last week, further placing downward pressure on the equity market. Calvasina's bear case sees the S & P 500 closing at 4,770 in 2024, just 1.5% above Friday's close.
Persons: Lori Calvasina, Calvasina's, Oppenheimer's John Stoltzfus, Calvasina, she's, hasn't, Russell Organizations: RBC Capital, titans, Treasury, Wall Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCustomers paying in cash to avoid the impact of higher rates: RBC Capital's Lori CalvasinaLori Calvasina, RBC head of U.S. equity, joins 'Squawk on the Street' to discuss the current market environment, what investors will buy first in this market, and how earnings play into Calvasina's market thesis.
Persons: Lori Calvasina Lori Calvasina Organizations: RBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors starting to chase this stock market rally too much, says RBC's Lori CalvasinaLori Calvasina, RBC Capital Markets head of equity strategy, joins 'Squawk on the Street' to discuss Calvasina's view towards equity markets, the outlook for the Federal Reserve, and the firm's updated earnings model.
Persons: RBC's Lori Calvasina Lori Calvasina Organizations: RBC Capital Markets, Federal Reserve
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with RBC Capital Market's Lori CalvasinaLori Calvasina, RBC Capital Markets head of U.S. equity strategy, joins 'Squawk on the Street' to discuss Calvasina's calculus for the second half of the year, how a sentiment model could change RBC's outlook, and more.
Persons: Lori Calvasina Lori Calvasina Organizations: RBC Capital, RBC Capital Markets
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailS&P could sink to 4,250 by year end as sentiment becomes 'worrisome,' says RBC's CalvasinaLori Calvasina, RBC Capital Markets head of U.S. equity strategy, joins 'Squawk on the Street' to discuss Calvasina's calculus for the second half of the year, how a sentiment model could change RBC's outlook, and more.
Persons: RBC's Calvasina Lori Calvasina Organizations: RBC Capital Markets
Some leading strategists and experts are very positive on smaller companies right now. Heading into a recession, smaller companies usually look expensive compared to their bigger peers. Steven DeSanctis, a SMID-cap strategist for Jefferies, is another expert who is positive on smaller companies right now. But he notes that even though small caps have delivered better returns than large caps since June 30, investors are still pulling money out of small cap-themed ETFs. In fact, Fisher wrote that when small caps do this poorly, it can lead to powerful recoveries.
RBC Capital Markets' Lori Calvasina is cutting her forecast for markets at the start of what many investors expect will be a rough third-quarter earnings season. The head of U.S. equity strategy said she trimmed her 2022 S & P 500 earnings per share forecast to $216, down from $218. Her 2023 EPS outlook fell to $208 from $212, as she cited weak GDP through next year. Calvasina's year-end 2022 S & P 500 forecast dropped to 3,800, down from 4,200. Meanwhile, the strategist said that a new period of small cap leadership could be ahead for investors should they outperform large caps in the third quarter reporting period, as they did when second quarter earnings were reported.
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