Stocks are at Wall Street's year-end target. It's only early February.

Just like last year, Wall Street strategists look pretty wrong about their expectations for stock-market performance in 2023. But this time around, they’re in the unusual position of having been too pessimistic.

See: Wall Street expects S&P 500 to finish 2023 at 4,000 after missing mark by the widest margin since 2008 So far, that hasn’t happened. Instead, stocks broke out of a rangebound funk and moved higher shortly after the new year arrived. Fundamentally, not much had changed for the market, except for the calendar, said Steve Sosnick, chief strategist at Interactive Brokers.

Some examples include Tesla Inc. TSLA , which was the second-best S&P 500 stock in January after falling roughly 65% last year, and Carvana CVNA , a troubled purveyor of cars that at one time had aspirations of being “the Amazon of used cars.” Then there’s also the ARK Innovation ETF ARKK , which just notched its best month ever with a 27.8% gain in January.

“Investors are increasingly pricing in a benign, even a Goldilocks, mix of peak inflation/rates, a shallow recession, a boost to global demand from China reopening, the dissipation of energy supply concerns, and lower volatility overall,” said Stephen Innes, managing partner at SPI Asset Management. It isn’t completely unjustified. The consumer-price index shows inflation has been waning for six months since peaking at its highest level in 41 years over the summer.

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