The stock market’s year-to-date rally of nearly 20% surprised just about everyone on Wall Street — except Fundstrat’s Tom Lee, Carson Group’s Ryan Detrick, and market veteran Ed Yardeni.

All three strategists saw something most others did not, mainly that easing inflation and the avoidance of a recession would help power stocks out of the 2022 bear market and towards new 52-week highs.

Wall Street is starting to catch on, with many strategists raising their year-end S&P 500 price targets. So far this year, a dozen have boosted their price targets, but they’re still too low, according to data compiled by Bloomberg.

In January, when the S&P 500 was around 3,900, the average 2023 year-end target was just 4,050. Fast forward to today, and the average has risen to 4,245, representing downside of 7% from current levels.

But Lee, Detrick, and Yardeni don’t see it that way, and they’re getting even more bullish than their peers. Here’s what they expect in the second half of the year.

Source: Business Insider