With stocks at all-time highs, one of Wall Street’s biggest bulls is taking his optimism up a notch.
Federated Hermes’ Phil Orlando believes the S&P 500 could hit his year-end price target of 4,500 by July, which implies about an 8% gain from current levels.
“At the pace the economy is growing and earnings are growing, you know we might get there earlier,” the firm’s chief equity market strategist told CNBC’s “Trading Nation” on Friday.
Last week, Orlando’s firm upgraded its GDP forecast to 6.4% for the year, citing the positive impact stemming from President Joe Biden’s $1.9 trillion coronavirus aid package. Federated came into the year with a 6.1% forecast.
“If we’re right with our 6.4%…