Despite the market rout, the 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."
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U.S. stocks continued to get hammered in volatile trading Monday. The Dow Jones industrial average closed down nearly 600 points and the ended almost 80 points lower, in correction territory.
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.
Buying opportunities
Robert Pavlick, chief market strategist at Boston Private Wealth, also thinks Monday's market action was overdone.
"The market still has the possibility to move lower but for the most part it's gotten to the extreme," he said.
He told "Power Lunch" he's not panicking or selling into any of the declines. Instead, he's a buyer. He likes "high-quality" names such as SolarCity, JetBlue, Skyworks Solutions, CVS, Nike and Under Armour, which he called market leaders.
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Bernie Williams, chief investment officer at USAA Investment Solutions, thinks retailers like Target and TJX have been unfairly punished in the downturn.
He is predicting the market will ultimately end the year flat to slightly up thanks to valuations and soft earnings. He believes there are better opportunities in Europe. Countries such as Spain, Ireland and France are all doing well, he said.
"They're experiencing good earnings recovery, gas prices are low and austerity seems to be off the table for Europe right now, all of which is positive," Williams told "Power Lunch."
Disclosure: SolarCity, JetBlue, Skyworks, CVS, Nike and Under Armour are owned by Boston Private Wealth for its clients. UV, CVS, NKE are all owned by Robert Pavlik or his family. Bernie Williams' owns Target.