JPMorgan Chase & Co. has changed its stance on US equities and now has a positive outlook for the market.
The bank's equity strategy team, previously led by Marko Kolanovic until his departure in early 2024, has revised its expectations for the S&P 500 Index.
The firm had maintained a target of 4,200 for almost two years under Kolanovic's leadership, even as the index surpassed that level in 2023 and exceeded 6,000 this year.
The change in sentiment coincides with Wall Street analysts upgrading their forecasts, reflecting a broader optimism in the market.
This shift in outlook is significant for JPMorgan, which had been cautious about US stocks since late 2022.
The new outlook suggests a potential change in investment strategies as the bank aligns itself with the prevailing bullish sentiment among its peers.