Morgan Stanley and Oppenheimer Strategists Bullish on S&P 500

Morgan Stanley strategist Mike Wilson has shifted toward his bull-case scenario, projecting the S&P 500 could reach 7,200 by mid-2026. This view is supported by accelerating earnings revisions, AI-driven growth, a weaker dollar, and corporate tax savings from recent legislation. Wilson continues to favor industrials but acknowledges risks such as higher yields and trade-related inflation.

John Stoltzfus of Oppenheimer has raised his 2025 year-end target to 7,100, the highest among major Wall Street firms. His outlook reflects stronger-than-expected earnings, improved global trade sentiment, and moderating inflation, underpinned by an estimated $275 in S&P 500 earnings.

No confirmed base or bear-case S&P targets were published by Wilson in current commentary. Reports of a 6,500 base or 4,900 bear case are unverified.

Both strategists see continued upside but caution around policy and market volatility in the short term.