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Oppenheimer raised its year-end S&P 500 target to 5,900, the second-highest target on Wall Street. The shift makes the firm the second-most bullish on Wall Street. "Just like before, it's a matter of the fundamentals, where they stand right now," John Stoltzfus, Oppenheimer's chief investment strategist, told CNBC. A handful of tech stocks have been doing the heavy lifting for the benchmark index, giving investors pause about how sustainable the current rally is. Correction: July 9, 2024 — An earlier version of this story misstated the date from which Oppenheimer's target indicates 6% upside.
Persons: Oppenheimer, John Stoltzfus, , Stoltzfus, It's, Goldman Sachs, Marko Kolanovic — Organizations: Service, CNBC, Security, Federal Reserve, UBS, JPMorgan . Locations: Monday's
Many of them are preparing for the next phase of life in the stock market — one characterized by stimulus uncertainty and a US economic recovery that's lagging the rest of the world. He foresees a so-called squeeze higher for value stocks, and recommends that investors position their portfolios to profit from a rotation away from popular growth names. Look no further:Chart of the weekJPMorganThe JPMorgan chart above — compiled by the firm's quant guru, Marko Kolanovic — shows that value stocks are now trading at a record cheapness relative to growth. Kolanovic's takeaway from this trend is that value stocks are susceptible to a squeeze higher, and investors should rightly position their portfolios ahead of time. — Marko Kolanovic, global head of macro quantitative and derivatives research at JPMorgan, on why he sees a value-stock rally in the cards
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