Oppenheimer Chief Investment Strategist John Stoltzfus raised the firm’s year-end price target for the S&P 500 to 7,100 from 5,950, implying 11% upside from Friday’s close. The firm says progress on trade negotiations has removed an uncertainty that weighed on its market outlook. Opco also upped its earnings estimate to $275, which implies a price-to-earnings ratio of 25.8.
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