Piper Sandler raises S&P 500 target for 2023 as stock-market breadth expands, positive earnings underpin equities

Piper Sandler analysts boosted their year-end price target for the S&P 500 to 4,825 from 4,625, implying a roughly 5.3% upside from the large-cap index’s current level on Monday. 

An improving stock-market breadth, which means more stocks are advancing than declining and is usually indicative of a stronger and more sustainable upward trend, will continue to drive the S&P 500 SPX higher before the end of 2023, according to Piper Sandler & Co.’s Craig Johnson, managing director and chief market technician, and Scott K. Smith,…