The stock market has carried forward the momentum seen in 2023, and optimism regarding another stellar abounds on the Street. A market strategist on Sunday hiked the year-end price target for the S&P 500 Index, a broader gauge, to the highest on the Street.
What Happened: Evercore ISI chief equity and quantitative strategist Julian Emanuel expects the S&P 500 Index to finish 2024 at 6,000, Bloomberg reported. The index ended Friday’s session at 5,431.60, which translates to a gain of about 13.87% so far this year.
If Emanuel’s estimate proves to be accurate, the index is on track to gain another 10.5% for the remainder of the year.
The S&P 500 Index ended 2023 with a commendable 25% gain, adding to its impressive performance for the year.
Evercore ISI’s latest price target is a sharp bump up from the prior target of 4,750, which was among the most bearish estimates on the Street.
The firm also lifted S&P 500 earnings per share estimates for 2024 and 2025 to $238 and $251, respectively, translating to 8% and 5% growth. Financial data analytics company FactSet’s latest estimate shows that S&P 500 ...