Due to the optimistic profit prospects, RBC has raised its 12-month target price for the S&P 500 index to 8,150 points.

On Monday, Royal Bank of Canada Capital Markets raised its 12-month target on the S&P 500 index from 7,900 points to 8,150 points, citing strong earnings performance and favorable macro environment that will drive further gains in US stocks. This new target implies about 10.8% upside from the closing price of 7,353.95 points on Friday.