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Baystreet Staf - Wednesday, February 28, 2024
Barclays Raises S&P 500 Target To 5300
Barclays Bank (BCS) has raised its price target for the benchmark S&P 500 index to 5300 from 4800 previously, saying the bulls remain firmly in control of the stock market.
Barclays is the latest firm to raise its price target on the S&P 500. Earlier in February, investment bank Goldman Sachs (GS) raised its year-end target for the S&P 500 to 5,200.
Yardeni Research currently has the most bullish outlook for stocks this year with a year-end target of 5,400 on the S&P 500 index.
The S&P 500, which is comprised of the 500 largest publicly traded companies in the U.S. by market capitalization, is currently at 5,078.18, having risen 28% in the last year.
Barclays' new target for the index implies about 5% growth from current levels.
Analysts see tailwinds for the stock market this year that include lower interest rates, a strong job market, and solid corporate earnings.
Barclays' stock has risen 1% in the last 12 months to trade at $8.56 U.S. per share.
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