The stock market rally will diversify next year amid a broader, "normal for longer" trend, according to BMO Capital Markets.
Chief investment strategist Brian Belski set his 2024 base case target of 5,100 for the S & P 500, which implies an almost 12% rally from Friday's close.
In other words, normal and typical," Belski wrote in a Monday note.
But that does not make it normal or typical," Belski added.
One market trend that will notably improve next year is the percentage of stocks outperforming the broader index, Belski added.
Brian Belski, Belski, –, — CNBC's Michael Bloom
BMO Capital Markets, BMO, Bank of Montreal