UBS raises S&P 500 target to Street-high 5,600 on stronger earnings growth

UBS Jonathan Golub joined BMO's Brian Belski for the most bullish target on Wall Street.

UBS raised its year-end S & P 500 target to 5,600 on better-than-expected earnings growth and falling risks of a recession. The new target Tuesday from strategist Jonathan Golub is tied for the highest on Wall Street with Brian Belski of BMO. Golub started the year with a 4,850 target, but raised it in February to 5,400 on the resilient economy. His latest target increase calls for a 5.6% market gain from Friday's close.

Wall Street strategists have scrambled recently to keep up with 2024's surprising rally on the back of artificial intelligence enthusiasm and a strong economy. None of the market seers tracked in the CNBC Pro Strategist Survey had the S & P 500 rising to the 5,300 level where it is now, up 11% for the year. After a series of recent increases, the median target on Wall Street is now 5,300.

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