The S&P 500 (SPX) has climbed about 9% in 2025, although much more upside could be on the way, according to Bank of America.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The firm points out that the past 14 bull markets since the 1920s have gained an average of 177% over 59 months. If the statistic holds true, the benchmark index could reach a peak of 9,914 by September 2027, or a rise of about 55% compared to its current price. The current bull market began in October 2022.
Past Performance Doesn’t Reflect Future Performance
Bank of America cautions that this scenario is based on technical analysis, which can be flawed because it relies on historical performance to predict the future. One factor that reduces the likelihood of this scenario is that the S&P 500’s price-to-book ratio of 5.3x is at its highest level since 1946, said the bank.
On a near-term basis, Wall Street has an average 2025 S&P 500 price target of 6,370, according to Bloomberg, implying downside of about 0.25% compared to the index’s current price. The risk of tariffs and an inflation revival have contributed to the cautious outlook.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.