Wall Street’s S&P 500 targets are still predicting a big rally, even after a flurry of cuts

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Wall Street’s S&P 500 targets are still predicting a big rally, even after a flurry of cuts.

watchlist :: 2025-04-08 :: source - marketwatch

By Steve Goldstein

Wall Street’s targets are still looking higher. Photo: Getty Images

How likely does a 26% rally from Tuesday to the end of the year sound?

That’s what would happen if stocks recovered to the median of the S&P 500 targets from Wall Street banks compiled by MarketWatch — 6,400 — even after several reductions made this week.

Oppenheimer’s top target of 7,100 has been reduced to 5,950, according to a Reuters report, as Bank of America’s was reduced from a devilish 6,666 to a more subdued 5,600.

Deutsche Bank now sports the highest target of any Wall Street firm, at 7,000.

RBC Capital Markets head of U.S. equity strategy research Lori Calvasina — who has cut her estimates twice this year — warns that investors shouldn’t take these estimates too literally.

“We see our price target as a compass, not a GPS, and as a signaling mechanism designed to reflect our general view of where stocks are headed. As always, we plan to revise our price target if/when new information relevant to our forecast becomes available, similar to how most stock analysts revise their company-level forecasts continually throughout the year,” she says.

The S&P 500 SPX closed a wild session on Monday at 5,062.25, down 0.2% after two big drops on Thursday and Friday. The index is down 15% from its mid-February high as investors react to a flurry of tariff announcements from President Donald Trump.