(Reuters) -Oppenheimer Asset Administration on Monday raised its year-end goal for the S&P 500 index to 7,100, the best amongst main Wall Avenue brokerages, betting on easing commerce tensions and robust company earnings.
Its present goal implies an 11.13% upside to the benchmark index’s final shut of 6,388.64. Oppenheimer beforehand set a goal of 5,950 for the index.
“With the announcement of commerce offers (Japan, EU) by President Trump… we consider that sufficient ‘tariff hurdles’ have been overcome for now,” Oppenheimer strategists led by John Stoltzfus stated in a be aware.
The U.S. and European Union finalised a commerce deal on Sunday, that units a 15% tariff on most European items together with vehicles, semiconductors and prescribed drugs, whereas the EU pledged to purchase $750 billion in U.S. power and make investments $600 billion within the U.S. economic system.
Final week, U.S. President Donald Trump struck a $550 billion cope with Japan.
Earlier this month, Goldman Sachs, Financial institution of America, and RBC Capital Markets additionally raised their S&P 500 targets
The S&P 500 has rebounded 28.2% since its April 8 low, following Trump’s ‘Liberation Day’ tariffs, broadly pushed by cyclical sectors similar to know-how, industrials and communication providers.
Oppenheimer introduced again its S&P 500 earnings estimate to $275, which it had initially set in December 2024, having trimmed its projection to $265 in April.
Stoltzfus continues to favor U.S. equities, significantly cyclical shares, and sees additional upside as inflation moderates and expects the Federal Reserve to carry rates of interest regular on this week’s coverage assembly.
(Reporting by Rashika Singh in Bengaluru; Enhancing by Shailesh Kuber)
