A better than expected US earnings season has prompted a flurry of “buy” recommendations on stocks, with analysts now as upbeat as they have been in almost two decades.
Data from Morgan Stanley show the percentage of buy ratings has hit its highest point in 18 years, at the same time as the S&P 500 index and the tech-heavy Nasdaq Composite both reached records levels in the week of July 26.
But the slowing pace of economic growth should spark caution from analysts as they look towards the end of the year and into 2022, according to David Lebovitz, markets strategist at JPMorgan.
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