Stifel Strategists See S&P 500 Stuck Below 4,400 Until 2024 Due to High Valuations, Modest Earnings Growth

Stifel strategists, who accurately predicted market rally in early 2022, say S&P 500 won't top 4,400 until 2Q2024

Attribute projection to high P/E ratio, modest 2024 earnings, and anticipated higher 10-year Treasury yields

Call current conditions "fourth secular bear market" of past century, expect 2020s to be flat and range-bound

S&P 500 closed at 4,224 on Friday

Analysts say stocks peaked in summer 2022, unlikely to exceed mid-4,000s until at least April 2024