Wells Fargo Sees S&P 500 Index Soaring to 7,007 by End of 2025
- Firm’s target for benchmark next year is Wall Street’s highest
- Banks, communications services, and staples are favorite plays
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A favorable macroeconomic backdrop and easing monetary policy will keep US equities soaring next year after banner performances in 2023 and 2024, according to Wells Fargo Securities, LLC.
By the end of next December, the S&P 500 Index will be sitting at 7,007, the firm’s head of equity strategy Christopher Harvey wrote in a Dec. 3 note to clients. That’s a 15% gain from Wednesday’s close of 6,086. The benchmark is up 28% this year and gained 24% in 2023, only the fourth time in the past 100 years that it’s had back-to-back annual returns of more than 20%.