One group of funds is holding up the stock market. Barclays says oil prices have to fall to drive a year-end rally.
Strategists at the bank said a rally at the end of the year would likely depend on oil prices lowering or stabilizing even as the historically best-performing quarter approaches.
Strategists at Barclays say a year-end stock market rally is likely to depend on oil prices lowering or stabilizing. According to MarketWatch, this is a key factor that will influence the historically best-performing quarter.
Barclays has also made changes to its assessment of Mobileye N.V., downgrading it to Equalweight from Overweight and lowering its price target to $9.00 from $14.00, as reported by Investing.com. The firm cites several overhangs that limit the potential for multiple re-rating, including the lack of larger advanced content wins and uncertainty from Mobileye’s CEO transition.
Mobileye's stock has declined 28% this year, compared to a 12% gain for the S&P 500. Barclays notes that near-term results have been resilient, but sees several challenges persisting.
Brief written by urgent.news from MarketWatch, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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