Stop worrying about a recession - but it's still time to dump overvalued Big Tech stocks, Citi strategist says
The US economy won't slip into a recession this year – and that creates an opportunity for investors to ditch Big Tech and load up on mid- and small-cap stocks, according to a Citi Private Bank strategist.
Robert Hoffman said Friday that he's anticipating"a strong rebound" for companies with lower valuations, because he's believes the economy will either avoid a recession altogether or suffer a later-than-expected slowdown. "What we were originally anticipating – a recession towards the end of 2023 – has now been pushed very far off, we're actually looking much closer to the end of 2024 now," Hoffman, the bank's head of investment counselors in South Asia, told"We think the US mid-cap space offers very compelling valuations and an opportunity if you do avert a recession or should it get pushed further out," he added.
Hoffman's prediction that there won't be a recession this year comes despite many economists warning that a slump could be looming and
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