Evercore ISI Sees S&P 500 Gain Raging On, Upping Target to 6,000

- Evercore ISI predicts another double-digit rally for the S&P 500 Index through the end of 2024 - Chief equity and quantitative strategist, Julian Emanuel, raised year-end forecast on S&P 500 to 6,000 - Optimism due to resilient economy, improving corporate earnings, end of Federal Reserve's tightening cycle, and AI fervor - Estimate tops those of strategists from Goldman Sachs, UBS Group AG, and BMO Capital Markets - Raised per-share earnings estimates for 2024 and 2025 - Potential for S&P 500 to reach 7,000 by end of 2025 - Valuations have been pushed to the top decile since 1960 - JPMorgan Chase & Co. has the lowest year-end target for the S&P 500 at 4,200, implying a significant drop