Marko Kolanovic and Bram Kaplan say positioning in key, advising a focus on energy and not to chase some of the mega-cap techs at this point.
JPMorgan’s Marko Kolanovic and Bram Kaplan are holding fast to their broad bullish outlook for US equities.P 500 is about 10 per cent away from our year end price target of 4800, which is less than 1 standard deviation based on the current market volatility and the appropriate time horizon,” the strategists said in a note.
“We continue to advocate staying away from expensive defensive segments and recommend buying sectors with attractive valuations such as energy, which remains by far the best performing sector this year and pointed to distressed high beta and small cap segments near their lows .”The two also said “it doesn’t make sense to chase some of the large cap tech stocks or ‘recession proof’ stocks trading near all-time highs”.
The strategist said th Fed’s “over-reaction” and the subsequent but largely unrelated decline in inflation will likely result in a Fed pivot, which is positive for cyclical assets.
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