2024 EPS Forecasts Shrink, Stretched Sentiment, Strong Data
By Lori Calvasina
Published February 6, 2024 | 7 min listen
Three big things you need to know: First, with reporting season almost halfway done, bottom-up consensus expectations for EPS growth in 2024 have shrunk to 9% from 11% – a combination of better-than-expected results for 2023 and a modest dampening of enthusiasm for 2024’s outlook. Second, a murky macro backdrop, elevated costs, and China challenges have been in focus in recent earnings calls along with a better monetary policy outlook. Third, in our high frequency indicators, things that caught our attention included the worsening in the sentiment backdrop for stocks last week and mostly positive data regarding the health of the economy and labor market.
Lori Calvasina
Managing Director & Global Head of Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.