The equity strategist, who is a frequent CNBC guest, called for the index to climb to 1,760 by the end of 2013.
The S&P 500 closed at 1,563.77, up 12 points.
"I'm not really sure how we get to that," OptionMonster Pete Najarian said.
Najarian, who remained bullish on the stock market, added that he could see stocks reach toward "something north of 1,600."
But Dwyer's target?
"I just don't see enough in the cards for us to get to that level," Najarian said.
SkyBridge Capital's Anthony Scaramucci also wasn't expecting quite so high a level in the S&P.
"I would be very wary here in the near-term, given the most recent run-up, so I'm going to say fiction," he said.
Josh Brown of Fusion Analytics said that systemic risk has yet to damp the market – and that it would give no warning until it arrives.
StockMonster's Guy Adami agreed that systemic risk was likely to "rear its ugly head when least expected," adding that the rally hasn't seen the selloff yet.
"I think 1,760 is a bit of a pipe dream," he added.