S&P 500 could hit 4,400 level in the coming weeks, strategist says

By:
on May 8, 2023
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  • Stifel's Barry Bannister sees more upside in S&P 500 ahead.
  • He defended his constructive outlook today on CNBC.
  • The benchmark index is already up 8.0% year-to-date.

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S&P 500 has been range bound in recent months but a Stifel strategist is convinced it’ll break to the upside in the coming weeks.

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S&P 500 could gain another 6.0%

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On Monday, Barry Bannister raised his price target on the benchmark index. He now sees the equities market hitting the 4,400 level by the end of June.

In percentage terms, what he’s calling for is about a 6.0% upside from here. On CNBC’s “Squawk on the Street”, the Chief Equity Strategist said:

Bull markets, even strong rallies don’t end with this many bears. I know the tech generals have been leading but markets can stay narrow longer than shorts can stay solvent.

Recent data on economic growth also factored into his constructive view. Year-to-date, the S&P 500 index is currently up about 8.0%.

Technicals suggests more upside as well

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Last week, the U.S. economy was reported to have grown at an annualised pace of 1.1% in the first three months of 2023.

The core personal consumption expenditures price index also went up in line with expectations in March as Invezz reported HERE. According to Stifel’s Bannister:

Market has a little bit of PTSD, thinking about 2008 some people like me can go back to the savings and loans or the early 80s energy banks. But I think it’s relatively contained and short-lived.

Remember that the S&P 500 index currently has its 50-day moving average above the 200-day. That, historically, has been a buy signal as well.

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