Evercore ISI sees the S&P 500 ending the year at the 6,000 level, marking Wall Street's highest forecast for the equity index.
The stock market could continue rallying to record heights from here, according to Evercore ISI. The firm raised its year-end target for the S & P 500 to 6,000 from 4,750. This updated forecast is 10.5% higher than Friday's closing level of 5,431.60. The new price target also now marks the highest on Wall Street, the CNBC Market Strategist Survey shows.
"High multiples are supported by companies' proven record of managing costs and maintaining/growing margins." Emanuel also pointed to the artificial intelligence-driven rally as another factor that could blow the S & P past its old target. "Today, Gen AI's productivity potential in every job and sector is inflecting," he said. "High valuations can remain high for extended periods.
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