There's a new biggest stock bull on Wall Street, and he says tech stocks can drive the S&P 500 up another 7% this year even if the economy slumps.

• Wells Fargo raised its S&P forecast to 5,535, Wells Fargo analyst Christopher Harvey told CNBC.

• This is Wall Street's top target for this benchmark index, as secular AI investments will continue to drive Big Pan stocks higher.

• Other catalysts include the Fed's multi-year easing cycle, surge buying activity and political changes.

Stagnant economic growth won't stop the S&P 500 from continuing to move higher, according to an analyst at Wells Fargo, who now expects it to reach a record 5,535 by the end of the year.

The new forecast outperforms all other Wall Street forecasts, with more than 7% of upside from the S&P's current level. This is a revision from Wells Fargo's previous forecast of 4625.

In an interview with CNBC, analyst resonator Christopher Harvey explained his reasons for the prediction, which he believes has little to do with the rapid growth of the economy or bets on a fast interest rate pivot:

What's happening is that people are looking further and further ahead. They're discounting more aggressively. We're going into a period of greed," Goon, a stock strategist, told the media on Wednesday.

In this trend, AI has become a long-term market narrative and is no longer a discretionary topic that will be phased out.

He said this means that the current market winners will continue to grow their market share and will not need GDP growth to maintain its current momentum to propel their strength.

"What you see in the market is what you will see on the profit side of the equation, and the winners will keep on winning."" Big Pan stocks don't need a strong economy because you get a shift in market share," Harvey added: "You can do that with a GDP of 2% or 2.5%.

Further supporting the bullish outlook, he said, is the fact that the market is in for a multi-year easing cycle, regardless of the timing and speed of the Fed's rate cuts. Harvey also predicted that buying activity should return, and that there could be political turmoil during the upcoming election season.

"I'm not bullish on Koon, even though we're at a high point in the market," he said. It's not like, 'Wow, the multiples are so cheap, everything's going to be fine,'" he said. The economy is in full swing, the Fed is cutting rates, they're going to start cutting rates tomorrow'. It doesn't work that way."

Wells Fargo is one of the few Wall Street banks to raise its outlook for the S&P. UBS and Bank of America also made forecasts for the S&P, which they expect to reach 5,400 by the end of the year.

Goldman Sachs, Morgan Stanley and JPMorgan are targeting 5,200, 4,500 and 4,200 points respectively.

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