By Roger Neill
June 16 (Bloomberg) -- Morgan Stanley raised its end-of- year target for the Standard & Poor’s 500 Index to 900 from 825, but said the rally in U.S. stocks “may now be over.”
The firm also lifted its 2009 and 2010 earnings estimates for the S&P 500 to $51 and $62 respectively, and brought forward “the trough in the earnings cycle, ex-financials,” to the third quarter of 2009.
“Having breached the 950 level, the rally may now be over,” strategists including Jason Todd wrote in a report.
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