(Bloomberg) -- With the S&P 500 Index setting record after record, Evercore ISI is predicting another double-digit rally through the end of 2024. Most Read...
-- With the S&P 500 Index setting record after record, Evercore ISI is predicting another double-digit rally through the end of 2024. Julian Emanuel , the firm’s chief equity and quantitative strategist, raised his year-end forecast on the S&P 500 Index to 6,000, the highest among major equity strategists tracked by Bloomberg — and roughly 10% above the gauge’s closing level on Friday.
The S&P 500’s jump to 6,000 by late December on EPS of $238 will push the gauge’s price-to-earnings multiple to 25 on a trailing basis, Emanuel said. While definitely elevated by historical standards, that’s still short of the 28 level during the dot-com peak, Emanuel said. He sees a possibility of the 500-member index reaching 7,000 by the end of 2025, he added.
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