Investing.com -- Wall Street strategists are showing no signs of panic despite the recent pullback in U.S. stocks, with only a few of them adjusting their year-end targets for the S&P 500, as per a Bloomberg survey.
RBC strategists recently reduced their 2025 year-end target for the S&P 500 by 6%, while Goldman Sachs made a cut of 5%. Moreover, three research firms have also revised their 2025 earnings per share (EPS) estimates for the benchmark downward.
Still, these adjustments have only slightly lowered the average target in the survey to 6,539, compared to 6,577 last month, according to the data compiled by Bloomberg.
The updated average price target for the S&P 500 suggests over a 15% upside for the benchmark by year-end from Wednesday’s close.
U.S. stocks have been under pressure this year due to softer economic data and potential impacts of policy uncertainty on the economic outlook. The S&P 500 has seen a 3.5% decline, while the tech-heavy Nasdaq 100 has dropped 6.1%.
The S&P 500 yesterday rose to its highest intraday level since March 7th. Research firm BTIG said that the current relief rally has the potential to challenge the 5800-5900 range, although it may follow a ’two steps forward, one step back’ type of progression.