Oppenheimer analyst John Stoltzfus recently gave an interview on CNBC regarding his view on the equity market. Known as one of the most bullish analysts on Wall Street, Stoltzfus gave reasons why he believes that the S&P 500 will reach 2,300, a 13 percent increase from its current value.
When asked why he is bullish on the stock market, Stoltzfus said, “We keep seeing an improvement in equities...the rally from February 11th has been a powerful rally...we see fundamentals, the economic story is getting better...we are dealing with a transition of technology disrupting commodities, the workplace, and the competitive environment for corporations.”
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Stoltzfus was asked if his hypothesis came to fruition and the S&P 500 reach 2,300, which sectors he believes would be the best performers.
“I think that it is going to be the cyclical sectors...my favorites include industrials, materials, technology."
Towards the end of the interview, Stoltzfus commented on the state of emerging markets, highlighting conversations with industry experts who have said that generally corporations have been “hunkering down” as the global economies have been improving. While exportation has been challenging, the consumer class has been improving in the emerging markets as well.
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