Barry Bannister of Stifel, Nicolaus & Co. expects the S & P 500 to climb another 10 percent, before changing course next year and falling to levels last seen in early 2024. The strategist said in a note on Tuesday that despite optimism about the U.S. economy and the Federal Reserve's interest rate cut, the benchmark, which is up nearly 40 percent from last October, is already too high. He said analysis of the 100-year market frenzy suggests the S & P 500 could rise to around 6,400 and then fall back to around 4,700 in 2025, down 26 percent from its peak forecast to where it was at the beginning of this year. He was one of the few to predict the first half of 2023 for U.S. stocks, but his bearish forecast has since failed to materialize.