Top-ranked advisor Andy Chase said Friday that the market could rise 50 percent over the next three years.
"You could argue that multiples should be up at 25 times earnings," Chase told CNBC's "Fast Money Halftime Report." "You do that math with any earnings growth, and you get like 50 percent over the next few years. So I think there's a long way to go, actually."
Chase, an advisor for Morgan Stanley Private Wealth Management, said low interest rates, earnings growth and slow-but-steady economic improvements could push markets to astronomical heights.
With stocks consistently hitting new highs, Chase said, it feels like the economy is doing relatively well despite concerns from investors about the success of particular businesses.
"Businesses are basically doing OK, not doing as well as CEOs and politicians, like in some cases, but [it] sure feels like the economy is OK in here," Chase said. "And when you look at the interest rate environment, it just feels like the one asset class that has lagged."
Chase said real estate has seen a significant boost from a soaring housing market.
"Every day, even if your house goes sideways, if you own the house you get rental income from it, which in a sense is like saying it's hitting a new high," Chase said.
Despite those peaks, the housing market does not seem to have a turning point soon, he contended.
"I think real estate's more in the eighth or ninth inning, and I don't think real estate's going down," Chase said. "I just think it's had a much bigger move."
The financial guru attributed his market prediction to the current strength of the real estate market, and how it got there.
"I think CEOs can raise their earnings 5 percent much more easily than a landlord, going forward, can raise rents," Chase said.
"Landlords can raise rents 1 or 2 percent," while a business renting space in the same building can give investors 3½ or 4 percent earnings growth, Chase said, suggesting equities have much more room to run.