The new target is roughly 6.7% above where the index closed on Tuesday. '[W]e underestimated the strength of the market momentum,' BMO's Brian Belski wrote.
The rally back to the record highs for the S & P 500 is already spurring at least one Wall Street shop to raise its expectations for the year. BMO Capital Markets strategist Brian Belski said in a note to clients Wednesday he is raising his year-end target for the S & P 500 by almost 10% — to 5,600 from 5,100. The new target is roughly 6.7% above where the index closed on Tuesday and the highest among major Wall Street analysts, according to the CNBC Market Strategist Survey .
Wells Fargo's Chris Harvey says 'I don't feel bullish' — a day after hiking S&P year-end target to highest on Street
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