BMO Capital set a bull-case price target of 7,000 for the S&P 500 (SPX) in November 2024, which has now become the firm’s base case.
Claim 30% Off TipRanks
Forget margin or options. Here's how the pros trade QQQ“Yes, we are prepared for the cynicism that will most certainly come our way as we revise our S&P 500 year-end price targets to our bull case that we first published in November 2024,” said BMO, reiterating that the market is still in the stages of a 25-year secular bull market.
BMO Warns of a “Blow-Off Top”
At the same time, BMO cautions that the stock market is “rarely linear for long” and expects the benchmark index to experience a “blow-off top” before settling around the 7,000 range.
A 7,000 price target implies upside of about 6% from current levels, with BMO pointing out positive catalysts like rate cuts, strong earnings, and stronger performance across all sectors.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.