Piper Sandler raises S&P 500 target for 2023 as stock-market breadth expands, positive earnings underpin equities

Piper Sandler analysts boosted their year-end price target for the S&P 500 to 4,825 from 4,625, implying a roughly 5.3% upside from the large-cap index’s current level on Monday.

As of July 30, there were approximately 79, or nearly 16% of stocks in the S&P 500 making year-to-date record highs in 2023, while there were 171, or 17% of stocks in the Russell 1000 Growth Index RLG making their record highs this year. The blue-gauge Dow Jones Industrial Average DJIA has 7, or 23% of stocks logging their highest levels of all time so far in 2023, according to data compiled by Piper Sandler Technical Research .

The financials sector SP500.40 sits in the third spot, with almost 2% of its large-caps within the S&P 500 making record highs this year, according to Piper Sandler Technical Research. The S&P 500 has seen a robust rally so far this year, up 19.4% year-to-date and on pace for its best performance through the first seven months of the year since 1997, according to Dow Jones Market Data. The S&P 500 was gaining 1 point, leaving it nearly flat at 4,583 on Monday afternoon.

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