Oppenheimer and HSBC raise year-end targets for S&P 500 amid positive earnings outlook
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Oppenheimer Asset Management has become the most bullish among global brokerages in its year-end target forecast for the S&P 500. It raised its target for the index to 5,500 from 5,200 and also raised its annual S&P 500 earnings-per-share forecast to $250 from $240. HSBC also raised its year-end target for the S&P 500 to 5,400 from 5,000, assuming a soft landing for the U.S. economy. The revised target is based on better earnings expectations, supported by resilient GDP growth and recent earnings beats. The second half of 2024 is expected to be more volatile due to U.S. elections, elevated earnings expectations, and a shifting narrative on interest rate cuts by the Fed .
The S&P 500 reached a fresh closing high of 5,178.51 on March 19, 2024, marking a new milestone for the index. This com...
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