Citigroup Inc. (C  ), one of the world's largest multinational financial corporations, has a bullish outlook on the U.S. stock market, as the Federal Reserve plans to implement rate cuts three times in fiscal 2024.

Despite geopolitical tensions and macroeconomic headwinds indicating recession risks, Citigroup analysts expect the fundamentally sound U.S. equities to persevere, driven by solid earnings growth.

The banking institution expects the benchmark S&P 500 index to rise by nearly 9% in fiscal 2024 to 5,100. Citigroup also expects S&P 500 companies to report median earnings-per-share (EPS) growth of 10.4% in the current fiscal year.

HP Inc.

HP Inc. (HPQ  ) is one of the most popular tech hardware companies, benefiting from the robust demand for personal computers and assorted electronics during the pandemic era. However, the company witnessed its revenue decline last year as the high interest rates dampened discretionary spending.

HP's fiscal 2023 net revenue declined 14.6% year over year to $53.7 billion. However, the company's non-generally accepted accounting principles (GAAP) net EPS rose 10% year over year to $3.28.

Nonetheless, as the Fed executes a dovish monetary strategy, HP's sales are expected to rise in the upcoming quarters. The company's net sales have risen over the past two quarters. HP plans to slash its workforce by 7% to 10% by fiscal 2025, which should boost the company's profit margins and streamline its operations.

Citigroup upgraded its rating on HP to Buy in November, with a price target of $33, indicating a potential upside of nearly 11%.

Nike Inc.

Nike Inc. (NKE  ), one of the world's largest athleisure and footwear brands, issued a bleak growth forecast on Dec. 22, causing its shares to fall by 12% intraday. Over the past year, Nike stock has plummeted by over 18%.

However, Citigroup has maintained a Buy rating on Nike with a price target of $135, indicating a growth forecast of nearly 32%. This comes as Nike implements several cost-cutting strategies and streamlines operations to boost profit margins. The company announced its plans to cut its total costs by $2 billion over the next three years while administering an aggressive liquidation strategy to reduce inventory levels. Nike is also poised to become a Dividend Aristocrat, as it has raised its dividend payouts for 22 consecutive years as of Jan. 2.

Nike shares have slipped by nearly 6% so far this year. The dip could be an excellent buying opportunity, as the company's revenue and profit margins improve in the near term as the economy accomplishes a soft landing.

Broadcom Inc.

Semiconductor manufacturer Broadcom Inc. (AVGO  ) has been focusing on capitalizing on the growing artificial intelligence (AI) trend by developing chips specifically designed with AI capabilities.

This has driven the company's revenue in fiscal 2023, which ended Oct. 29.

"Broadcom's fiscal year 2023 revenue grew 8% year over year to a record $35.8 billion, driven by investments in accelerators and network connectivity for AI by hyperscalers," Broadcom President and CEO Hock Tan said in the company's latest earnings release.

The company raised its quarterly dividends by 14% to $5.25 in the fiscal 2023 fourth quarter, marking the 13th consecutive hike since it initiated dividend payouts in fiscal 2011. Broadcom currently pays $21 annually in dividends, yielding 2% on the current price.

Unsurprisingly, shares of Broadcom have risen by over 78% during the past year. Citigroup issued a Buy rating on the stock on Dec. 11 with a price target of $1,100, which reflects a potential upside of nearly 5%.