Investing.com -- Two Wall Street strategists are calling the bottom for the S&P 500, even as a U.S. naval blockade of the Strait of Hormuz threatens to reverse some of the equity market's recent gains.

RBC Capital's head of U.S. equity strategy, Lori Calvasina, maintained her 12-month S&P 500 price target of 7,750 in a note on Monday, implying roughly 13.6% upside from the April 9 close.

Calvasina said the index appears to have established a "fragile, foggy bottom." She noted that the S&P 500 held within what she considers a garden-variety pullback of less than 10% from its January high, and that recession fears have not broadly emerged.

"As long as recession fears remain low, investors remain convinced the war will end soon, and earnings expectations don't take too much of a hit, we think the low is in," Calvasina wrote.

The analyst also highlighted a slight bias toward large-cap growth over value and is "nibbling" on small caps, while maintaining no strong directional view on U.S. versus non-U.S. equities at present.

Wolfe Research strategist Chris Senyek was equally direct, stating that "the bottom of 6,343 is in for the S&P 500" and recommending investors add to risk exposures on any market weakness driven by the latest geopolitical developments.

Senyek flagged the onset of first-quarter earnings season as a critical near-term test, noting that an increasing share of S&P 500 growth is driven by technology and semiconductors. Any disappointments in earnings or guidance from those sectors, he warned, could spark broader market concern.