Wall Street strategists scramble to adjust targets amid unprecedented market highs.
As we entered 2024, the consensus among Wall Street analysts was for modest gains in US stocks following a robust performance in 2023. However, the market has exceeded expectations, continuing its upward trajectory bolstered by significant advances in mega-cap technology stocks. Last week, these gains propelled the three major indices to multiple record highs, painting a promising picture for the future.
This record-setting surge has surprised many of Wall Street’s top strategists, leading to a rush of revised year-end targets for the S&P 500. Notably, at least 11 firms have raised their forecasts for the large-cap benchmark index for 2024. For instance, BMO Capital Markets and Deutsche Bank have recently updated their year-end targets to 5 600 and 5 500, respectively.Despite these upward revisions, Wall Street retains a cautious outlook due to the unpredictable interest-rate environment.
Historically, when the S&P 500 climbs more than 8% in the first five months of the year, it tends to gain an additional 7% by year-end 70% of the time. This trend supports the optimistic revisions currently being made by Wall Street strategists.
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