Big Tech’s Stock Boom Has Strategists Scrambling to Keep Up With Rally

The surge in AI stocks has caught Wall Street forecasters off guard, leading to a scramble among strategists to keep pace with a stock market rally that has already surpassed their expectations for 2024. Five Wall Street firms have already increased their forecasts for the S&P 500 Index, which has risen 7% since the start of the year, following a 24% increase in 2023.

In the past week, Piper Sandler & Co., UBS Group AG, and Barclays Plc have all raised their targets. Furthermore, two firms, Goldman Sachs Group and UBS, have revised their forecasts upwards twice since December.

Key takeaways

The surge in AI stocks has caught Wall Street forecasters by surprise, leading to a scramble among strategists to keep pace with a stock market rally that has already exceeded their expectations for 2024.
Five Wall Street firms have already increased their forecasts for the S&P 500 Index, which has risen 7% at the start of the year after a 24% increase in 2023.
In the past week, Piper Sandler & Co., UBS Group AG, and Barclays Plc have all raised their targets.
Two firms, Goldman Sachs Group and UBS, have revised their forecasts twice since December.

Big Tech’s Stock Boom Has Strategists Scrambling to Keep Up With Rally

Key takeaways

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