Wall Street is growing more bullish on the market as UBS raises its target on the S&P 500 (^GSPC) to 5,600 from 5,400. Yahoo Finance's Josh Schafer breaks...
The morning brief, sponsored by Invesco Wall Street, is getting more and more bullish.Yeah, Brad So U BS Investment bank US equity strategist Jonathan Golub moving up his year in target for the S and P 500 to 56 600 from 5400.Largely what he's talking about here is just he thinks earnings growth is going to be stronger, and also the economic backdrop is going to be stronger than initially anticipated.
So it's been a clear trend here, zooming in on earnings growth a little bit because I think this has been particularly interesting when you just look at the fact that gall points out earnings estimates haven't been coming down for the current quarter.Normally, at this point in the year, you would see earnings estimates start to tick down a little bit more than they are right now.You're looking at 14.2% earnings growth again, that is up from what consensus saw a month ago.
And then when you take a close look at earnings growth for the first quarter, we didn't really see it right.It's been interesting, Shana, you were just pointing out when you take a look at estimates and sort of where things are getting upgraded right now, over quarter to date, utilities has seen upgrades.But let's think about what sectors have been rallying and we've been talking about for the last month and a half.
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