Gina Martin Adams of Wells Fargo has long been known as the most bearish strategist on Wall Street. After all, at 1,850, she had the lowest year-end S&P target among major strategists. But on Tuesday, she got rid of that year-end target and initiated at 12-month target of 2,100, reflecting a mildly bullish outlook.
"We've thought for most of this year that we'd have a bit of a trade-off for stocks—earnings growth improving, but the timeline is shrinking for this very accomodative Fed policy environment," Adams said Tuesday on CNBC's "Futures Now."
"We think that's still intact, but quite frankly, earnings have started to take over," meaning that any volatility that accompanies Federal Reserve tightening will serve as a buying opportunity.
She isn't the first strategist to change her stripes. Adams' 1,850 target (which at the beginning of the year merely predicted a flat market, but has become more bearish as the market has risen 8 percent) was shared by David Bianco at Deutsche Bank and Barry Bannister at Stifel Nicolaus. But both have recently increased their calls—to 2,050 in Bianco's case, and 2,300 in Bannister's.
That fresh price target now makes Bannister the Street's most bullish analyst for 2014. (Although it's worth noting Tony Dwyer of Canaccord Genuity, previously the Street's biggest bull, did reduce that gap on Tuesday by raising his year-end target from 2,185 to 2,230.)
For her part, Adams no longer has a year-end target. Instead, because she believes that a short-term drop is likely but that the dip will be a buy, she is simply targeting a move 5 percent higher to 2,100 within one year's time.