, Stratos Capital PartnersĪlthough our Fibonacci Retracement study suggested a potential move to 4,800 at the time, we suspected that the S&P 500 would encounter resistance around the 4,550 level. We later upgraded our target early in June 2023 with a target of 4,600. We originally initiated our bullish view on the S&P 500 Index back in October 2022 with a target of 4,200 when the index was trading at around 3,600. 4,800 Seems Too Good To Be True, But Never Say Never However, given that the S&P 500 has already enjoyed such a spectacular run this year, it is understandable that most analysts would be reluctant to raise their targets even further, at least until the index has successfully broken above its all-time high. So even the most bullish target of 4,700 by Credit Suisse would imply a moderate 3.7% gain from current levels. Other prominent research firms including BMO Capital Markets and Evercore ISI have also raised their targets.įor investors, these targets mean very little given that the S&P 500 Index is already trading at 4,534 at the time of writing. This was followed by Credit Suisse, which decided to go all in on the bull market, raising its target on the S&P 500 to 4,700 from its original target of 4,050. Last month, Goldman Sachs raised its year-end target for the S&P 500 to 4,500 from a previous target of 4,000. Therefore, it shouldn't come as a surprise that Wall Street firms are upgrading their outlook for equities: one has to swim with the flow in order to thrive in this industry, not fight it. And the easiest way to do that is to satisfy the confirmation biases of their clients by telling them that they are absolutely right about the stock market. They make money by encouraging their clients to make deals and trade more. Many of its Chief Investment Officers and its legions of analysts and bankers don't make money by offering good long-term investment advice or by making the right calls on the stock market. Here is Wall Street's dirty little secret. And trying to convince their clients to ignore a bull market that has almost fully recovered from last year's losses, is becoming an increasingly Herculean task. Meanwhile, the perma bears continue to struggle to explain why the economy and the stock market have yet to collapse, further extending the timeline for their doomsday scenarios. Several prominent investment banks and research firms have raised their year-end targets for the S&P 500 Index ( SP500) in an attempt to match their clients' increasingly bullish tone.
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