RBC raises S&P 500 12-month target to 8,150 from 7,900
Chief U.S. equity strategist Lori Calvasina said improved earnings and valuation signals support the higher target, while warning the advance could be volatile and vulnerable to renewed Fed rate hikes.
Fact Check
Multiple independent sources, including primary financial outlets CNBC and Barron's, confirm that RBC's Lori Calvasina raised the 12-month S&P 500 target to 8,150 from 7,900 on 2026-06-29. CNBC corroborates the warning that the advance could be a volatile, rocky ride, and moomoo confirms the rationale tied to improved earnings and macro signals. The claim's specific element about 'renewed Fed rate hikes' is not explicitly cited in the provided summaries, but the core numeric and volatility claims are well supported.
Summary
RBC Capital Markets chief U.S. equity strategist Lori Calvasina raised her 12-month target for the S&P 500 by 250 points to 8,150 on June 30, implying 10.8% upside from last Friday's close. The higher target points to a more constructive view on U.S. equities and is partly supported by improved earnings and valuation signals. Calvasina also cautioned that the market's path higher may be volatile and said the biggest risk to the outlook is the Federal Reserve resuming rate hikes.
Terms & Concepts
- S&P 500: Benchmark index tracking 500 large U.S. listed companies.
- valuation: A measure of how expensive or cheap stocks appear relative to fundamentals such as earnings.
- Fed rate hikes: Increases in U.S. interest rates by the Federal Reserve, which can pressure stocks by raising borrowing costs and discount rates.