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S&P could still rally 15 percent this year: Strategist

Despite the market rout, the S&P 500 could still rally about 15 percent or more this year, strategist Scott Wren predicted Monday.

The senior global equity strategist with Wells Fargo is sticking to his 2,150 to 2,250 price target on the index.

"We've seen an overreaction to fears of a global slowdown," Wren said in an interview with CNBC's "Power Lunch."

"I think we're going to see good growth, 1.5 percent or so in the euro zone, we're going to see good growth in Japan, especially here in the second half of the year, and then I think we're still improving here in the States, [we] might see 2.8 percent GDP percent here."

U.S. stocks continued to get hammered in volatile trading Monday. The Dow Jones industrial average closed down nearly 600 points and the S&P 500 ended almost 80 points lower, in correction territory.