Wall Street is bullish on stocks for the 2nd half of the year. Here are each firm’s exact forecasts.

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The S&P 500’s record-setting rally this year has sparked a wave of price target increases from Wall Street.

The most bullish S&P 500 price target is 6,000 from Evercore ISI, which represents a gain of about 7%.

Key bullish drivers includes AI benefits, consumer resilience, and imminent Fed rate cuts.

The S&P 500 has soared this year, with the index jumping about 15% to record highs in the first half.

With the second half of 2024 underway, Wall Street strategists are updating their year-end price targets for the S&P 500, and nearly all of them are leaning bullish as they increase their forecasts.

While the average year-end S&P 500 price target is 5,429, according to data from Bloomberg, the median year-end price target is 5,600. The S&P 500 traded around 5,630 on Friday.

These are the updated stock market predictions of some of the most bullish strategists on Wall Street.

Evercore ISI: S&P 500 price target of 6,000

Evercore ISI strategist Julian Emanuel went from bearish to the biggest bull on Wall Street when he raised his year-end S&P 500 price target last month to 6,000 from 4,750.

Emanuel’s price target represents potential upside of 7% for the S&P 500 between now and the end of the year, and would represent a full-year gain of 26%.

“AI revolution is in the early innings” and that should lead to continued strength in earnings growth, Emanuel said. Emanuel forecasts S&P 500 EPS growth of 8% and 5% in 2024 and 2025, respectively.

“The pandemic changed everything. Record stimulus, elevated household cash balances and low leverage support the consumer. Then came AI. Today, Gen AI’s productivity potential in every job and sector is inflecting. The backdrop of slowing inflation, a Fed intent on cutting rates and steady growth have supported Goldilocks,” Emanuel said.

And while the stock market’s valuation multiple may be high, Emanuel said they’re justified.

“High multiples are supported by companies’ proven record of managing costs and maintaining/growing margins,” Emanuel explained.