“The inflation dynamics themselves are not very encouraging.” elerianm says inflation has moved from the goods sector to the services sector, which is “much harder to contain.”
Jefferies added construction machinery maker Caterpillar to its franchise picks list and said that it sees upside to the company's margins and stock price as supply chains normalize this year.
Given the firm's $285 price target, Jefferies expects shares to rally more than 14% from Friday's close. Caterpillar's stock price has increased more than 38% in the past six months. She cut her price target by $25 to $75. That new price target implies a 7.9% upside from where the stock closed Friday.'s earnings, according to Cowen.
Small cap stocks have been outperforming over the past year, and that has continued in the early days of 2023, with the Russell 2000 up more than 6% year to date. "Small-caps are a late recession to early expansion play, and we remain firmly in a late cycle environment with significant risk of a recession, in our view. Higher exposure to negative operating leverage and cyclicality could lead to significant small-cap earnings downside during a period of slowing growth," Krishna said.An earnings recession is imminent this year, according to Morgan Stanley equity strategist Michael Wilson.
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