Harvey attributes this bullish outlook to several factors. These include the growth potential from artificial intelligence technology and an improved earnings outlook. He also cites longer investment time horizons and higher valuation thresholds from investors as contributing factors to his forecast.
Key takeaways:
- Christopher Harvey of Wells Fargo Securities has set the highest target on the S&P 500 Index for 2024, based on his expectation of a continued US equity rally.
- Harvey has increased his year-end forecast on the benchmark to 5,535 from 4,625, making him the most optimistic strategist tracked by Bloomberg.
- He cites the growth potential from artificial intelligence technology and an improved earnings outlook as key upside catalysts.
- Harvey also mentions longer time horizons and higher valuation thresholds from investors as contributing factors to his forecast.