Morgan Stanley's (NYSE:MS) chief U.S. equity strategist said on Wednesday that he sees the S&P 500 Index at 1,840 a year from now, roughly 12 percent higher than current levels.

Adam Parker wrote in a research report this week, "We are buyers of dips and maintain our constructive stance, even though markets appreciated more than we expected year-to-date."

Parker added, "Looking 12 months forward, we are introducing a base case S&P 500 (NYSE:SPX) price target of 1,840, implying roughly 12 percent upside from here. Why? For one thing, markets can work while estimates are being downwardly revised."