BlockBeats News, June 30th, Lori Calvasina, Chief US Equity Strategist at RBC Capital Markets, on Monday raised her 12-month target for the S&P 500 Index by 250 points to 8150. Compared to last Friday's closing level, the updated target implies a 10.8% upside potential. The bank believes that the US stock market still has room to rise, while warning that the upward process will not be smooth sailing.

In a research report sent to clients on Monday, Calvasina wrote, "We still believe that this forecast is optimistic but not detached from reality. The core judgment is that the stock market will rise overall in the next year, but the trend will not be a straightforward upward line."

This target adjustment is partly due to the positive signals from earnings per share and valuation expectations. The strategist predicts that the adjusted earnings per share for the past four quarters will reach $337 in the first quarter of next year.

At the same time, her model still maintains conservative assumptions and warns that market volatility during the upward trend is hard to avoid, with the greatest risk coming from the Fed restarting rate hikes. CME Group's "FedWatch" tool data shows that the market is pricing in a 64% probability of a rate hike at the Fed's September meeting.