Wall Street just gave its highest S&P 500 forecast yet

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Wells Fargo head of equity strategy Christopher Harvey has raised his year-end target for the S&P 500 to 5,535 from 4,625, marking the highest call for the S&P 500 by year-end among strategists tracked by Yahoo Finance. Harvey believes that stock valuations have risen too high, but investors are looking past this possibility amid the market rally. He notes that US economic growth has come in better than expected, which is a positive sign for corporate growth. However, Harvey and other strategists expect the index's next leg higher to come more slowly for investors. There are several key risks to Harvey's base case, including a resurgence in inflation and elevated bond yields. Despite recent spikes, the 10-year Treasury yield is currently around 4.43%, well below the 5% level flagged as a point of concern by Harvey.

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https://finance.yahoo.com/news/wall-street-just-gave-its-highest-sp-500-forecast-yet-164148688.html