Big Tech’s Boom Has Strategists Scrambling to Keep Up With Rally
- Piper Sandler, UBS, Barclays have lifted targets in past week
- Bullish tilt gains steam with AI powering S&P 500 strength
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The frenzy around AI stocks has blindsided Wall Street forecasters, spurring a race among strategists to keep up with a stock market rally that’s already blowing past their expectations when 2024 began.
Five Wall Street firms have already lifted their forecasts for the S&P 500 Index, which is up a 7% to start the year after rising 24% in 2023. In the past week alone, Piper Sandler & Co., UBS Group AG and Barclays Plc boosted their targets. Two firms — Goldman Sachs Group and UBS — have done it twice since December.