Wells Fargo’s Chris Harvey is reluctantly Street’s new biggest bull

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107398975 1712700131484 gettyimages 1210464713 uspresidenttrumplookingforwardtoopenbusinessduringcovid 19

Wall Street’s newest bullish analyst is expressing cautious optimism. Chris Harvey from Wells Fargo Securities raised his year-end price target for the S&P 500 by 20% this week. Despite the increase, he is not feeling overly bullish about the market’s direction. In an interview on CNBC’s “Fast Money,” Harvey admitted, “It’s weird. This won’t sound great. But even though we were high on the Street, I don’t feel bullish.”

Harvey increased his official 2024 S&P 500 target to 5,535, implying a 6% gain from the previous day’s closing. He believes that the economy is in a period of stagnation but still sees potential for stocks to move higher, especially with mega-cap technology and growth companies leading the way.

He advises a balanced investment approach until the end of the year, with an overweight position in communication services and a focus on artificial intelligence as a long-term trend. Harvey also emphasizes that even in a weak economy, high-growth companies can still thrive and gain market share.

While Harvey’s 2023 year-end target for the S&P 500 was 4,420, the index ended the year up 24.2% at 4,769.83. Harvey’s cautious optimism reflects his belief that, despite economic headwinds, certain sectors like technology and growth companies can continue to perform well in the market.

Wells Fargo Securities’ Chris Harvey recently increased his year-end S&P 500 price target by 20%, but he is not feeling particularly bullish about the market. He believes that despite economic uncertainty, stocks can still rise, particularly in the technology and growth sectors. Harvey recommends a balanced approach to investing, favoring communication services and artificial intelligence. He also suggests that if rates fall, utilities, small caps, and more leveraged companies may perform well. Harvey’s previous year-end target for 2023 was surpassed, with the index ending the year up 24.2%.

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