Oppenheimer bull dismisses ‘expiration date’ on rally

One of Wall Street's most bullish firms is back at the drawing board—in the process of revising its price target on the S&P 500 Index.

Back on June 26 Oppenheimer Asset Management's John Stoltzfus said to expect a new price target within the " next three to five days ." He made the declaration after the S&P 500 blasted through his year-end target of 2,450 more than six months early.

We wanted to just get a real sense of how second-quarter earnings season would come out," said Stoltzfus, the firm's chief investment strategist, on Friday. "So far, so good, we've got to say. So we're on the verge of coming up with our new target."

The S&P 500, which is on pace for its best month since February, just broke its three-week win streak by a fraction of a percent. It closed the week at 2,472 — which is still above Stoltzfus' 2,450 year-end price target.

We wanted to just get a real sense of how second-quarter earnings season would come out," said Stoltzfus, the firm's chief investment strategist, on Friday. "So far, so good, we've got to say. So we're on the verge of coming up with our new target."

The S&P 500, which is on pace for its best month since February, just broke its three-week win streak by a fraction of a percent. It closed the week at 2,472 — which is still above Stoltzfus' 2,450 year-end price target.

"We don't see any black swan events that can interrupt the market right now," he said.

Stoltzfus says investors — with the exception of the bears — should be "pleasantly surprised."

Source: Bloomberg Pro Terminal

Trader Bozhidar Arabadzhiev

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