(Bloomberg) -- One of the biggest bulls on the Street is feeling even more bullish on the S&P 500.
The benchmark will end the year 16 percent above current levels from a previous forecast of 13 percent, according to Tony Dwyer, equity strategist at Canaccord Genuity Inc. He raised his year-end target to 3,200 from 3,100 and boosted his operating earnings forecast to $160 per share from $155. He also initiated a 2019 target of 3,360.
As we approach the second half of the year, “it is key to remember the fundamental backdrop of positive EPS should power the markets higher,” Dwyer wrote Tuesday in a note to clients.
Dwyer’s forecast makes him the most optimistic strategist on the street, replacing Keith Parker at UBS Securities LLC, who has a target of 3,150.
Any volatility from geopolitics or mid-term elections should be seen as an opportunity to add to positions, particularly in financials, technology and industrials, Dwyer said.