Morgan Stanley's Mike Wilson is behind this news as he’s updated his prediction for the S&P 500. This has him increasing his target for the index from 4,500 to 5,400.
Investors will note that Wilson has previously been unwilling to update his forecast for the S&P 500 lately due to economic uncertainty. However, this change has him increasing his target for the index to be more in line with some of the most bullish estimates.
Wilson is switching his stance on the economy after seeing results from companies in their Q1 2024 earnings report. Many are expecting economic improvements throughout the year and provided strong guidance as a result. This led to the new prediction from the Morgan Stanley analyst.
S&P 500 Forecast Comments
Here’s what Wilson said in a note to clients obtained by CNBC.
“[Macro] outcomes have become increasingly hard to predict as data have become more volatile. We see this environment persisting €”a view that's reflected in both our bull versus bear case skew (which is wider than normal) and our sector/style recommendations.”
The S&P 500 is currently sitting at around 5,320.96. It’s also up .33% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.