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RBC Raises S&P 500 Target to 8150, Warns of Bumpy Upswing

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On June 30, Lori Calvasina, Chief U.S. Equity Strategist at RBC Capital Markets, raised the 12-month target for the S&P 500 index by 250 points to 8150. Compared to last Friday's closing level, the updated target implies a potential upside of 10.8%. The bank believes there is still room for growth in the U.S. stock market but warns that the upward process will not be smooth. In a research report sent to clients on Monday, Calvasina stated, 'We still consider this forecast optimistic but not unrealistic; our core judgment is that the overall market will trend upward over the next year, although the movement will not be a straight line.' This target adjustment is partly based on positive signals from earnings per share and valuation expectations. The strategist predicts that adjusted earnings per share for the past four quarters will reach $337 in the first quarter of next year. Meanwhile, their model retains conservative assumptions and cautions that market volatility is inevitable during the upswing, with the greatest risk stemming from the Federal Reserve potentially resuming interest rate hikes. According to the CME Group's 'FedWatch' tool, the market is pricing in a 64% probability of a rate hike at the Fed's September meeting.
US5000.25%
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