Oppenheimer boosts S&P 500 price target
to $5,900, up from $5,500, along with an increased earnings projection for the index. This marks the firm’s third price target adjustment for 2024, initially set at 5,200 last December 11.
On March 25, after the S&P 500 surpassed the initial 5,200 target, the strategists hinted at the possibility of another upward revision should their economic and market outlook prove too conservative. The investment bank anticipated the Fed would continue its pause on rate hikes, initiated in June 2023, and despite some economic slowing, saw a lower likelihood of recession due to persistent economic resilience and the Fed's sensitivity to higher-than-expected inflation, which made the 2% inflation target elusive.
“We would be surprised if the Fed were to cut interest rates as early as September as more than a few market participants are expecting based on the futures that track Fed funds rate expectations,” they said, adding Powell and his colleagues likely want to keep Fed policy independent of politics.
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