Despite the U.S. stock-market rally this year bolstered by the euphoria around artificial intelligence and hopes that the U.S. economy can avoid a recession as inflation falls, stock prices have been anything but simple to predict this year, a challenge exemplified recently by some of the Wall Street’s most prominent analysts.
The new price target represents a roughly 7.1% increase from Tuesday’s closing price for the benchmark index, which has gained 19.2% so far this year, according to FactSet data. Oppenheimer’s more bullish view came a day after Piper Sandler’s Craig Johnson boosted their year-end price target for the S&P 500 to 4,825 from 4,625, citing an improving stock-market breadth, meaning more stocks are advancing than declining which is usually indicative of a stronger and more sustainable upward trend.
Among 20 Wall Street investment banks, brokers and research firms that MarketWatch collects S&P 500 estimates from, nearly half of them have revised upwards their estimates for 2023 in the past two months, according to data compiled by MarketWatch. See: The ‘narrow breadth’ chorus has fallen silent. What broadening participation in stock-market rally means for investors.
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