The S&P 500 has gained over 10% year-to-date, nearing the upper limit of Wells Fargo's 5100-5300 target range for 2024. However, they recommend staying invested for two key reasons.
Secondly, Wells Fargo has a higher target for the S&P 500 by the end of 2025 - a midpoint of 5700. This target, combined with the dividend yield, offers"an attractive return for investors from current levels." Wells Fargo encourages investors to avoid timing the market by holding cash. They believe reinvesting later is difficult and could lead to missing out on periods of strong performance.
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