Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Wall Street dialed back its bullish S&P targets after 2018's end-of-year selloff. Now a few analysts are starting to ratchet their targets back up.
What's happening: Credit Suisse is the only major firm that's "double revised" so far — meaning the firm cut its initial price target late last year and revised it back up this month. Its most recent target reflects an 8% upside from the S&P's current level.
- The firm's target — calculated by multiplying the implied price-to-earnings ratio and the earnings per share estimate — could have been higher, but Credit Suisse also lowered its earnings estimates for S&P companies to $170 from $174 thanks to projected declines in the "energy sector and Apple." That target is among the lowest on the Wall Street.
- RBC has revised its S&P target just once. Last week, it said the S&P would end the year at 2,950 versus its initial 2900 estimate because the economy will "get back on track." It didn't change its $171 earnings estimate.
Between the lines: Credit Suisse is banking on a dovish Fed and a trade deal, rather than stellar earnings growth, to push the market higher.
Go deeper: Trying to read the S&P 500's tea leaves