RBC raised its S&P 500 (^GSPC) target to 5,700 from 5,300. However, the analyst behind the call noted growing risks of a near-term pullback.

Brad Smith and Madison Mills break down the call and analyze the index's outlook for the second half of the year.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Melanie Riehl