CFRA's Sam Stovall has emerged as one of the biggest bulls on Wall Street, seeing more room for the S & P 500 to run to a double-digit gain this year.
This updated target marks one of the highest on the Street, behind only the 5,500 target from John Stoltzfus at Oppenheimer.
It is also 6% higher than the average projection of 5,105, according to the CNBC Pro Market Strategist Survey , which rounds up the targets from the top 14 Wall Street strategists.
.SPX YTD mountain S & P 500 The S & P 500 is up more than 9% this year, driven by the continuous rally in many megacap tech names.
Stovall sees the S & P 500 hitting 5,610 in the next 12 months, which would translate into a 7.6% gain from Thursday's close of 5,214.
Persons:
CFRA's Sam Stovall, John Stoltzfus, Stovall, he's, Jerome Powell, — CNBC's Michael Bloom
Organizations:
CNBC Pro Market, Survey, Federal
Locations:
Oppenheimer