The firm set a price target showing a nearly 4% upside, but said that level could be reached in a month.
The S & P 500 could see more upside ahead after breaking out above a key level as artificial intelligence drums up market excitement, according to Evercore ISI. Julian Emanuel, Evercore ISI senior managing director, raised his target for the broad index to 4,450 from 4,150. His new target implies the stock market could rally 3.9% from where it finished last week. On the other hand, Emanuel's prior target meant the index would need to give up about 3.1% through the rest of 2023.
The American Association of Individual Investors' sentiment survey is worth watching as market participants can get more emotional, he said. With this landscape in mind, Emanuel has some "momentum masters" he recommends buying. These are medium- and near-term leaders in the Russell 1000 . They all are expected to be profitable in earnings for 2023, have annual growth in the top half of the index and see upward year-to-date revision.
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