The S&P 500 (SPX) has surged 11% since March 30 amid easing U.S.-Iran tensions. Retail investors were caught off guard by the V-shaped rally and were largely on the sidelines, said Fundstrat founder Tom Lee. “This is all the makings of the most hated V-shaped rally again,” he said.
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Forget margin or options. Here's how the pros trade QQQHowever, plenty of upside could be left in the tank. Wall Street has an average S&P 500 year-end price target of 7,607, implying upside of 8% from current levels.
Wall Street Remains Optimistic
Oppenheimer has the highest price target on the street at 8,100, while Bank of America leads to the downside at 7,100.
Lee notes that retail investors will act as “fuel for the continued upside” as the market climbs higher. In addition, Lee expects elevated spending from the war to benefit the economy, pointing out that S&P 500 earnings estimates have continued to accelerate.