One of Wall Street’s Last Stock Bears Goes Completely Bullish
- Wells Fargo hikes S&P 500 price target to 3,088 for 2019
- Fed pivot, strengthen in financials informed bullish view
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The U.S. equity market’s torrid start to the year has converted one of its last doubters.
Wells Fargo’s head of equity strategy Christopher Harvey hiked his year-end price target for the S&P 500 Index to 3,088 from 2,665, an upside of nearly 5 percent from where the benchmark gauge closed on Monday. It’s the second-highest call among strategists surveyed by Bloomberg, trailing Deutsche Bank’s Binky Chadha at 3,250 and well above the median estimate of 2,950.