Citi Lowers 2013/2014 S&P 500 EPS Targets

Citi Research has lowered its S&P EPS targets for the end of this year and for 2014, based on slightly weaker numbers from Europe, the possibility of a tax increase, and lack of confidence outside the investment class, according to a note from Citi Research analysts Tobias Levkovich, Lorraine Schmitt, and Christina Wood.

Citi lowered its GDP forecast for developing economies

With 92 percent of the S&P 500 (INDEXSP:.INX) reporting, earnings came in about 1 percent below the Citi forecast, though it was 3 percent better than Street numbers which had already been revised down. Additional reports from Europe show that it is recovering more slowly than many people had hoped, and Citi has separately lowered its GDP forecast...