In a market outlook report, BMO Chief Investment Strategist Brian Belski and his team projected the benchmark S&P 500 (.SPX) would end 2024 at 5,100, nearly 12% above Friday's closing level.
Investors have various definitions of a bull market, although one common definition requires the S&P 500 to reach a new all-time high to confirm a bull market.
Separately on Monday, strategists at Deutsche Bank also forecast the S&P 500 would end 2024 at 5,100.
BMO sees S&P 500 earnings rising about 13.6% in 2024, a "significant rebound" from this year.
"We also believe that volatility is likely to subside as macro-environment resiliency continues to surprise alongside falling inflation," the BMO strategists said.
Persons:
Carlo Allegri, Brian Belski, Lewis Krauskopf, Will Dunham
Organizations:
REUTERS, BMO Capital Markets, BMO Chief, BMO, Deutsche Bank, Thomson
Locations:
Manhattan, New York City , New York, U.S