Wells Fargo analysts raised their year-end target for the S&P 500 to 7950 from 7300, citing easing macroeconomic concerns after the U.S. reached a peace deal with Iran over the weekend. The index, recently around 7500, rallied Monday on the news before pulling back as tech stocks retreated. Evercore ISI analysts separately pointed to SpaceX's blockbuster market debut as a bullish signal that could send the benchmark as high as 9000, while Wedbush's Dan Ives called the IPO a Goldilocks outcome for the tech sector. The bullish notes follow target hikes from other firms in recent weeks on expectations of strengthening fundamentals and improving AI sentiment after better-than-expected earnings. Wells Fargo analysts now see a summer everything rally with room for upside in the AI trade, though they warned of caution heading into midterm elections due to historical trends and potential policy measures to slow AI progress.
Wells Fargo & CompanyWells Fargo raised its S&P 500 target, reflecting positive analyst outlook.
Evercore Partners Inc
Space Exploration Technologies Corp. Class A Common StockSpaceX's blockbuster market debut cited as a bullish signal for the tech sector and S&P 500 target.