Wells Fargo Is Wall Street’s Biggest Believer in S&P 500 Rally
- Firm raises year-end index target to 5,535 from 4,625 before
- Points to artificial intelligence, improved earnings outlook
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Wells Fargo Securities’ Christopher Harvey just put Wall Street’s highest target on the S&P 500 Index for 2024 based on his expectation that the US equity rally will power on through the year.
Harvey, the firm’s head of equity strategy, lifted his year-end forecast on the benchmark to 5,535 from 4,625 previously, making him the biggest bull among strategists tracked by Bloomberg. The growth potential from artificial intelligence technology and an improved earnings outlook are among the upside catalysts he sees, along with longer time horizons and higher valuation thresholds from investors, Harvey told clients in a note on Monday.