Oppenheimer sees more upside ahead for the S & P 500 now that the presidential election is over. The firm lifted its price target on the broad index to 6,200 from 5,900, reflecting 3.5% upside from Friday’s close. The index has rallied about 26% year to date, with the target reflecting the third adjustment from the firm. The target also reflects the highest on Wall Street, per CNBC Pro’s Market Strategist survey. “Economic fundamentals, earnings and revenue growth, the resilience of the consumer, along with Fed Monetary policy collectively also suggest to us that further upside in large cap stocks remains likely through year-end even as the current rally in equities appears likely to further broaden boosting the performance of mid cap and small cap stocks,” wrote chief investment strategist John Stoltzfus. .SPX YTD mountain S & P 500’s year-to-date performance According to Stoltzfus, the election helped rid the market of lingering uncertainties and ushered in a “sigh of relief rally.” The S & P 500 surged more than 4% last week, marking its biggest weekly advance in over a year. The benchmark also hit a record above 6,000. Those gains came as President-elect Donald Trump’s electoral victory stoked hope for deregulation and lower taxes. However, he cautioned investors from getting too overexuberant and encouraged “practicing patience” on how the election will affect markets. “We favor broad diversification tuned more to cyclical and secular trends that remain in place for now rather than ‘betting’ on the shape of things to come as a direct result of the elections that just took place,” he said. Oppenheimer retained its earnings estimates for the year, noting that the S & P 500 companies reporting so far have signaled “robust” quarters. He also noted that eight sectors have shown positive earnings growth this year, with five in the double-digit range.