Oppenheimer just revised its 2025 year-end forecast to become the biggest bull on Wall Street once again. On Monday, the firm moved its year-end price target for the broad market S & P 500 to 7,100 from 5,950. That implies 11.1% upside from Friday's close. Oppenheimer was the biggest bull to start the year before eventually slashing its target after President Donald Trump announced his steep "reciprocal" tariffs that he later paused . "After the April 2 announcements this year of tariff regimes by the President — which in our view appeared to be much higher than we and many others had anticipated — we reduced our year-end target to 5,950 in consideration of what we viewed as potentially very hard lines in the proverbial sand for the administration to negotiate quickly and likely too high a hurdle to traverse for a price target of 7,100 tied to year-end 2025," John Stoltzfus wrote in a note. Now with more trade progress having been made between the U.S. and its trading partners, the firm's chief investment strategist believes "an uncertainty that had weighed on our market outlook" has now been removed. "With the announcement of trade deals by President Trump and his administration (last week with Japan and then the announcement this Sunday by the President of a deal with the [European Union]) we believe that enough 'tariff hurdles' have been overcome for now to reinstate our original price target for the S & P 500 of 7100 by year-end," Stoltzfus said. Trump announced Sunday that the U.S. reached a deal with the EU that sees a 15% tariff imposed on most goods, including cars, coming into the U.S. from Europe. However, products such as aircrafts and their components as well as some chemicals and pharmaceuticals will not be subject to the duties, European Commission President Ursula von der Leyen said. That announcement comes after several other agreements have been unveiled in recent weeks. Trump announced a "massive" deal with Japan last week, which similarly includes 15% "reciprocal" tariffs on goods from Japan. The president has also said that the U.S. has reached an agreement with other countries such as the Philippines , Indonesia and Vietnam , though they have yet to be finalized. Stocks have roared to new heights in part due to the developments on the trade front, with the S & P 500 scoring its fifth consecutive record close Friday. That day's session also marked the index's 14th record close of the year, and the 15th record close for the Nasdaq Composite in 2025. .SPX YTD mountain S & P 500, year-to-date The S & P 500 has seen a gain of more than 8% year to date, and all but two of the 11 S & P sectors are positive on the year.
