One of Wall Street's biggest bulls estimates that the S&P 500 will hit 5,200 points next year to set a fresh record.
Oppenheimer Asset Management chief strategist John Stoltzfus, who correctly forecast this year's rally, joins Fundstrat's Tom Lee to hold among the most favorable outlook for 2024.
Their target implies nearly 13% of gains from last Friday's close and will see the S&P 500 move more than 8% above the current all-time high.
"We look for 2024 to be a year of transition as markets navigate what we expect will be the Fed's pivot from a restrictive monetary policy setting to an easier stance," the strategist wrote in a note on Monday.
Though Stoltzfus' prediction that the S&P 500 would surge in 2023 turned out to be right, his forecast for the index hitting 4,400 points falls behind the benchmark's current level.
For 2024, he expects more gains and recommends that investors stick with this year's winners such as cyclical shares and technology stocks, even though he foresees the rally to broaden.
