CNBC’s Jim Cramer said Thursday that research houses on Wall Street underestimated the staying power of the stock market’s 2019 advance and they’re being forced to scramble.
“Most of the analysts are catching up. They didn’t see this rally coming. So they are trying to raise price targets to where the stocks are, if not beyond. And that’s just a very bullish moment,” Cramer said on “Squawk Box.”
Cramer’s comments came a day after he said that investors shrugging off Iran’s Tuesday night retaliation for last week’s U.S. killing of a top Iranian general showed how badly people want in.
“The desperation to get into this market is extraordinary,” he said on Wednesday morning. He marveled at how stock futures overnight Tuesday into Wednesday were nosediving, only to give way to the S&P 500 and Nasdaq hitting new intraday highs on Wall Street during regular hours Wednesday.
Early Thursday, the Dow Jones Industrial Average joined the new intraday record parade — and in characterizing the drivers in the market, Cramer said, “I think there’s a little bit of complacency but a little bit of resilience.”
There were more than 10 upgrades or price target increases of major stocks by big investment banks on Thursday. This week has seen a flurry of analyst calls.
“If you were complacent going into the Iran crisis, that complacency paid off when the president demonstrated restraint,” Cramer added Wednesday evening, hours after remarks from President Donald Trump eased concerns on Wall Street about any immediate escalation of U.S.-Iran hostilities.