Despite the market rout, the S&P 500 could still rally about 15 percent or more this year, strategist Scott Wren predicted Monday.
The senior global equity strategist with Wells Fargo is sticking to his 2,150 to 2,250 price target on the index.
"We've seen an overreaction to fears of a global slowdown," Wren said in an interview with CNBC's "Power Lunch."
"I think we're going to see good growth, 1.5 percent or so in the euro zone, we're going to see good growth in Japan, especially here in the second half of the year, and then I think we're still improving here in the States, [we] might see 2.8 percent GDP percent here."
Wren said to hit his S&P target, there must be earnings growth in the third and fourth quarters.
"U.S. companies are getting the job done. They're getting it done in a modest environment without a lot of inflation. I think that that is going to continue," he said.
"We need to see continued labor market improvement, housing improvement, confidence improvement and I think it's coming despite the very rocky market we've had the last three days."
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He believes the rally will be led by those sectors that are cyclically sensitive, like industrials, technology and consumer discretionary.