“High Div Yield has led 88% of the time during prior Recoveries. This factor remains inexpensive and neglected as well … and could be a beneficiary of income investors’ flows if the Fed begins to cut rates.”

 “Few large cap REITs exhibit high single digit compound AFFO growth potential over the next 3 years and fewer still are inflecting to such extent.”

 “The Eras tour will conclude in late November 2024, roughly corresponding to the 12-month horizon of the market forecast in this report. As homage to the global icon, our 2024 US Equity Outlook is subtitled ‘All You Had To Do Was Stay’ – invested... The title of the song from Taylor Swift’s 1989 album reflects our baseline forecast that despite intermittent volatility, fund managers will ultimately be rewarded for staying invested through the end of next year.”

 “Resilient economic growth in the beginning of the year will force the market to push back its current pricing that Fed cuts will begin in 2Q, and US election uncertainty will suppress risk appetite. Later in the year, the first Fed cut and resolution of election uncertainty will lift US equity prices.”

 “We raise our year-end S&P 500 index target to 5200 (from 5100), representing 4% upside from the current level... Our target upgrade today reflects an improved earnings outlook.”

 “U.S. stocks have 'limited upside' from here, given the macroeconomic backdrop — and investors should be looking for better opportunities elsewhere.”

 “We do tend to think that U.S. equities right now are fairly valued but there’s limited upside at these valuations. The better opportunities might be in other markets.”