With the S&P 500 less than 2% from its historic all-time high, the bull market is one good day away from setting a record.
Securities forecasters on Wall Street believe the stock market will zoom past that new high and keep going. In fact, company analysts collectively see a 7% gain in store over the next 12 months for the benchmark, based on their individual 12-month price forecasts for S&P 500 companies, according to calculations from FactSet.
FactSet takes individual company analysts' 12-month price targets and adds them up to get a top-line forecast of the overall market, which shows the S&P 500 could reach 3,097, or 7% from here, over the next year. This forecast is more bullish than the top-down forecast from Wall Street's macro forecasters, who see a slight increase in the S&P 500 to 2,950.