Wall Street's biggest bear turns bullish, raises his S&P 500 year-end price target by 16% (via CNBCFuturesNow and StephLandsman)
Wells Fargo Securities' Christopher Harvey no longer holds the distinction of Wall Street's biggest bear.S&P 500"We've been thinking about moving our price target ever since the beginning of the year. Once the Fed said, 'Hey, we can be flexible.
The other rub was earnings season. Harvey made it clear that he wanted to see how first-quarter results would shape up. Now with more than half of S&P companies reporting, Refinitiv reports 77% of earnings announcements have come in above estimates, 5% met expectations and 18% missed. If the remaining companies post earnings in line with estimates, EPS will be up 0.7% from the same period last year — smaller than the 2% drop the Street has been forecasting.
Despite the stronger-than-expected results, Harvey still believes earnings could surprise the Street on the downside. But he suggests the current environment driven by a dovish Federal Reserve could ease any potential trouble. "They want the market to continue to go, and they want growth," Harvey said. "I don't think they'll throw cold water on this rally."
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