S&P 500 price target raised to $5,900 from $5,500 at Oppenheimer

Oppenheimer Chief Investment Strategist John Stoltzfus raised the firm’s year-end price target on the S&P 500 Index to $5,900 from $5,500. The firm also raised its earnings projection to $255 from $250 for the S&P 500 in 2024. The upwardly adjusted price target and earnings projection assume a higher price-to-earnings multiple of 23.1-times, up from 22-times with its earlier target. Recent economic data, that includes slowing inflation rates, resilient jobs numbers and jobs postings along with Q1 earnings results, suggest “that the current bull market has legs to run higher,” contends the strategist.