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Data: Axios analysis of Wall Street outlooks; Chart: Andrew Witherspoon/Axios

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

Go deeper

Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.