S&P 500 TARGET LEVELS

2024:

S&P 500 started at a level of 4742. None of the top analysts got 2024 right. JPMorgan was most pessimistic with year-end target of 4200, expecting the index to lose 11 % in the year. Morgan Stanley also got it wrong. Ed Yardeni was the most bullish with 5400, projecting gains of 13.8% but was still surprised by the actual performance. The index is up 26% YTD!

2025: JPMorgan, after getting it wrong for two consecutive years, now believes that the index should close higher for the year in 2025. Even then its target is most conservative. Ed Yardeni and Deutsche Bank are most bullish with 7000 target, projecting gains of 16% in 2025.

Ed Yardeni may end up being correct once again given the momentum in the US stocks supported by earnings growth, economic exceptionalism, a resilient consumer and potential pro-growth policies proposed by Trump

Data source: Bloomberg