As the last month of 2024 has arrived, investors better start making their plans for how they want to be invested in 2025. The election is over, a new regime is coming in, and trends in government spending cuts and tariffs, as well as interest rates, are all making their way into forward expectations. The S&P 500 500 was up 27% YTD on last look, with gains of 19% for the Dow and 26% for the NASDAQ-100.

Tactical Bulls has been collecting the updated 2025 price targets from major brokerage firms over the last week. Multiple firms have issued stronger calls for the S&P 500 Index in 2025. With the S&P 500 within 1% above the key 6,000 benchmark, most strategists at major firms are calling for the index to rise 10%.

Estimates have been tracked from Barclays, BofA, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, UBS and others, independent market forecasters as well.

EACH MAJOR FIRM’S TARGETS

Tactical Bulls always reminds its readers that no single analyst call (same for strategists) should be used as the sole basis in deciding to buy or sell stocks. That said, this is now every major brokerage firm calling for the gains of 2024 to continue into 2025. Just don’t forget that their views come with absolutely no guarantees and assurances of gains. And any adverse events or major developments can cause strategists to change their expectations.

Here are the major firms’ strategist targets for the S&P 500 in 2025.

Barclays — Raised its 2025 target for the S&P 500 to 6,600 from 6,500. Its rational cited a resilient U.S. macroeconomic backdrop, “normalized” inflation levels, and an ongoing earnings leadership from the big tech leaders that dominate the index.

BMO Capital Markets — Brian Belski issued a 6,700 price target for the S&P 500, noting that earnings growth is likely understated.

BofA Securities — Savita Subramanian set her S&P 500 target to 6,666 by the end of 2025. The 11% gain is not expected in a straight-line gain as volatility is expected to reappear and give investors a chance to buy in at lower levels. Top calls are for Financials, Discretionary, Materials, Real Estate, and Utilities with healthy cash return levels — and with the rally broadening out to “the other 493” stocks outside of the Magnificent 7.

Deutsche Bank — Binky Chadha, chief global strategist, sees the S&P 500 at 7,000 by the end of 2025, up about 17% from the levels then.

Goldman Sachs — David Kostin raised his S&P 500 target to 6,500 from 6,300 heading into November 19. With event-risks high, a friendlier fiscal policy or a more dovish Federal Reserve could boost stocks even further.

JPMorgan — Strategist Dubravko Lakos-Bujas has switched from bear to bull after the firm’s old S&P 500 price target of 4,200 for 2024. Now the new 2025 target for the S&P 500 is 6,500. The reasons for the switch are American exceptionalism, AI growth, and central banks continuing to ease.

Morgan Stanley — Mike Wilson issued a note calling that the S&P 500 could hit 6,500 in 2025.

RBC Capital Markets — Head of US equity strategy Lori Calvasina sees the S&P 500 hitting 6,600 by year-end.

UBS — Strategist Jason Draho noted that the election results pulled forward some gains, set its 2025 target for the S&P 500 to 6,400 from a prior $6,000 but that was in October. It adjusted its 2024 target at 5,850 from a prior 5,600.

ADDITIONAL STRATEGISTS CALLING FOR GAINS

Evercore ISI set a 6,600 target for the S&P 500 in 2025.

Macro Risk Advisors has issued a level of 7,700 for the S&P 500 next year.

Yardini Research (Ed Yardeni) has a 7,000 target for the S&P 500 at 7,000 for 2025. He also now issued a call for the S&P 500 to hit 10,000 by 2030.

DISCLAIMER

Tactical Bulls has pulled each strategist call herein as each firm’s forecast by name. These targets and views are from those firms and are not necessarily the view of Tactical Bulls. Each investor is responsible for their own decisions to buy or sell securities and those decisions should be made with the help of a financial advisor.