Oppenheimer Joins Wall Street Bull Chorus: Hiking S&P 500 Target to 7,100

TradingKey - On July 28, Oppenheimer Asset Management announced a significant upward revision of its year-end S&P 500 target from 5,950 points (revised downward in April) to 7,100 points, representing an 11.2% upside potential from the current level of approximately 6,382 points.

Source: Google Finance

Led by strategist John Stoltzfus, Oppenheimer’s research team stated in a report: "With the announcement of trade deals (Japan, EU) by President Trump... we believe that enough 'tariff hurdles' have been overcome for now."

On July 27, the U.S. and EU formally reached a trade deal: the U.S. will impose 15% tariffs on EU automobiles, semiconductors, and pharmaceuticals, while the EU pledged to purchase $750 billion worth of U.S. energy and invest $600 billion in the U.S. economy over the coming years. Earlier on July 21, the U.S. and Japan finalized a $550 billion trade cooperation framework.

Notably, the S&P 500 has repeatedly set historical records throughout July, marking its fifth consecutive record closing high in the week of July 26 and its 13th all-time high for the year. Optimism over trade deals combined with robust Q2 corporate earnings drove both the Nasdaq Composite and S&P 500 to weekly gains.

Earlier this month, Bank of America raised its S&P 500 target by 700 points from 5,600 to 6,300, while Goldman Sachs increased its forecast to 6,900 points, reflecting Wall Street’s growing optimism about U.S. equity prospects.