With a good deal of momentum, the S&P 500 could easily test 7,000 before the end of 2025. All thanks to momentum, the potential for more interest rate cuts, and a possible Santa Claus rally.
Other analysts, including Tom Lee of Fundstrat Global Advisors, say we could reach 7,300.
In fact, he just told CNBC, “7,000 is only 2% for S&P. From here, I think 5% or maybe even 10% is possible in December,” as quoted by Seeking Alpha.
Analyst upgrades are also helping to push markets to higher highs.
Look at Marvell.
This morning, analysts at Deutsche Bank reiterated a buy rating on Marvell (NASDAQ: MRVL), raising their price target to $125 from $90.
Marvell just reported EPS of 76 cents, which beat estimates by two cents. Revenue of $2.08 billion, up about 37% year over year, beat by $10 million. Even better, analysts at Jefferies, which has a buy rating and a $120 price target on MRVL, said:
“The confidence in the custom business continues to rise, pointing to 20% growth next year with a stronger 2H with PO for the year in hand,” they added, as quoted by Seeking Alpha, adding that Microsoft’s Maia 300 chips are likely to be a “key driver” for Marvell’s revenue doubling in fiscal 2028.
Amazon
Bank of America analysts just reiterated a buy rating on Amazon (NASDAQ: AMZN), with a price target of $303 from $272 a share.
The firm noted, “We attended Amazon’s 14th annual cloud conference in Las Vegas with 60k in-person attendees. While the keynote lacked a big new hardware or LLM partnership announcement to materially change sentiment, AWS is improving its AI capabilities and building toward an agent-driven future,” as also quoted by Seeking Alpha.
Wells Fargo just raised its price target on Amazon to $295 a share, with an overweight rating.
The firm said that, “Should cloud industry supply constraints sustain, see management expectation for doubling AWS capacity by ’27 supporting multi-quarter revenue acceleration. Estimate new capacity could add $150B in annual revenue, driving material upside potential to ’27/’28 estimates,” as quoted by CNBC.
Broadcom
Analysts at Deutsche Bank reiterated a buy rating on Broadcom (NASDAQ: AVGO) ahead of earnings on December 11, 2025.
“Overall, we believe that a combination of acceleration in AI-related growth and a cyclical rebound in the company’s core business should position the company well headed into FY26 despite increasing concerns surrounding the sustainability of industry-wide AI spend. As such, we maintain our Buy rating,” said the firm, as quoted by CNBC.
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