Why the analyst who called summer stock-market bounce now sees more S&P 500 upside

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Stifel’s Chief Equity Strategist Barry Bannister should be taking a victory lap right now.

Since Bannister first unveiled his call for a “summer rally” — a call that landed shortly after stocks hit their “peak hawkishness”-inspired bottom last month — the S&P 500 SPX has advanced more than 5%. And according to Bannister, the rally could have at least another 5% — or more — to go over the coming weeks.

Bannister,…