Wall Street’s top strategists collectively forecast another year of gains for the S&P 500, albeit a much more muted one. That’s to be expected after the benchmark index gained more than fifth on a price basis in 2023.
Wall Street’s average target on the index gives the S&P 500 implied upside of about 5% from current levels. At the high end, Capital Economics forecasts the benchmark index to hit 5,500 by the end of 2024, giving the S&P 500 implied price upside of about 15% next year. At the low end, JPMorgan Chase expects the index to retreat 12% to 4,200 in 2024.
Passive investors will go along for the ride no matter where it takes them. Stock pickers, on the other hand, seek to beat their benchmarks, and that’s where Wall Street’s S&P 500 stocks with the most upside come in.
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