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