The bank said Friday the new target implies about 7.7% upside over 12 months, with an 8,100 bull case, as first-quarter earnings approach 30% growth.
Lori Calvasina said tech and a broader AI basket should drive gains despite a war-linked "two-speed" economy, while the main risk is a longer, more damaging U.S.-Iran conflict triggering recession.
RBC expects pullbacks of 5% to 10%, barring recession, and favors growth, large-cap and US stocks, saying earnings pressure from the war is hitting non-tech sectors more than technology.
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