1 Wall Street Analyst Thinks the S&P 500 Is Going to 5,400. Is It a Buy at Around 5,110?
The S&P 500 is off to a terrific start in 2024, gaining 7% in under two months. If it keeps rising at the rate it's been rising, we could see a stock market gain of 42% by the time 2024 is done!
Admittedly, "past performance is no guarantee of future results." You can't simply assume that 7% profits in two months implies 42% profits over 12 months. But at least one analyst thinks stock market investors can expect continued -- if somewhat less exciting -- gains for the rest of this year. On Wednesday, Swiss investment ban UBS predicted that the S 500 will close out 2024 at 5,400.
Applied to the SPDR S 500 ETF Trust (NYSEMKT: SPY), this implies a closing price of $538.70 by the end of this year -- and another 5.6% profit on top of the 7% gain that we've already got.
Source Fool.com
