Lori Calvasina, the bank's head of U.S. equity strategy, raised her year-end S & P 500 price target to 5,150 from 5,000.
This is approximately 9.6% higher than the S & P 500's Friday closing level of 4,697.24.
Last week, the S & P 500 snapped a nine-week winning streak as investors began pulling back on the technology titans.
The yield on the benchmark U.S. 10-year Treasury also traded above 4% last week, further placing downward pressure on the equity market.
Calvasina's bear case sees the S & P 500 closing at 4,770 in 2024, just 1.5% above Friday's close.
Persons:
Lori Calvasina, Calvasina's, Oppenheimer's John Stoltzfus, Calvasina, she's, hasn't, Russell
Organizations:
RBC Capital, titans, Treasury, Wall
Locations:
U.S