Wall Street strategists rush to revise their S&P 500 targets as stocks hit fresh records. Here's what they see happening.

By Isabel Wang The stock market's renewed record-setting rally has blindsided Wall Street's top strategists, prompting many to swiftly revise their year-end S&P 500 targets in an effort to keep pace with a surge that has far exceeded expectations from earlier this year. At least 11 Wall Street firms have lifted their year-end forecasts for the S&P 500 SPX so far in 2024. In the past week alone, BMO Capital Markets and Deutsche Bank revamped their 2024 targets for the large-cap benchmark index, raising them to 5,600 and 5,500, respectively. At 5,600 points, BMO's new target appears to be the most bullish forecast among Wall Street's biggest banks and research firms tracked by MarketWatch - implying an additional upside of more than 5% above Monday's trading levels. Heading into 2024, Wall Street firms largely anticipated U.S. stocks to post positive yet underwhelming gains after a robust and forecast-defying 2023. Despite a brief dip in April, stocks have remained on an upward trajector...