Oppenheimer Raises Year-End S&P 500 Forecast for the Third Time

Oppenheimer Asset Management has raised its year-end price target for the S&P 500 from 5,900 to 6,200 for 2024. The new target represents a 3.4% increase from the S&P 500's closing level of 5,995 on Friday, November 8. This marks the third time Oppenheimer has raised its price target for the S&P 500 this year. Initially, on December 11 of last year, the firm set a year-end target of 5,200 and an earnings per share estimate of $240. After the S&P 500 closed above 5,200 in early March, Oppenheimer raised its target to 5,500 and increased its earnings estimate to $250 on March 25. Following another closure above 5,500 in July, the firm raised its target to 5,900 but did not change its earnings estimate.

Oppenheimer's Chief Investment Strategist, John Stoltzfus, stated, "The decisive election result from last week has eliminated an uncertainty that has been hanging over the markets for several months. As U.S. stocks staged a 'breather' rally, gold prices eased from record levels in October. The Fed's 25-basis-point rate cut on Thursday also bolstered investor confidence."