Wells Fargo Sets Street-High S&P 500 Target of 5,535 on AI Growth and Earnings Optimism
- Wells Fargo raises S&P 500 target to 5,535, highest on Wall Street
- Cites AI growth, earnings outlook, and rate cut expectations as reasons
- Sees EPS estimate rising to $242 from $235 for the year
- Notes AI as a secular growth story fueling earnings
- Strategists looking past rate cuts, strong earnings growth can drive markets higher