The higher forecast also includes an expectation for higher full-year earnings, the firm says.
The S & P 500 has more room for upside in 2024, according to RBC Capital Markets head of U.S. equity strategy Lori Calvasina. The strategist increased her year-end target for the broad market index to 5,300 in a Thursday note, up from 5,150 in January. Calvasina's new forecast is the third-highest among analysts surveyed by CNBC's Market Strategist Survey . The upgrade comes as the S & P 500 wraps up a monster start to the year.
SPX YTD mountain SPX year to date "Some of our work also suggests that gains may be tougher to come by from here and that the stock market needs a breather," she said. "Looking through to year-end, we feel a bit more neutral than we have over the last few months, but we also feel very far removed from the bearish camp." Calvasina also laid out her bull case, which has the S & P 500 soaring to 5,400, nearly 3% above Wednesday's close.
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