Tom Lee, a market strategist, has held onto his forecast for the stock market in spite of recent turmoil associated with war in Iran.
In a recent CNCB interview, Lee said that Fundstrat Global Advisors is sticking to its target for the S&P500 at 7,700 by year’s end.
The markets are repricing steadily on an P/E basis and this year we assume modest growth in P/E to 7.700.
“As we approach the end of year, I believe the markets will start to focus less on the crisis and more on opportunities.”
Lee notes, too, that the stock markets have bottomed out early in eight of the major conflicts in recent history.
At the time of this writing, the S&P500 is trading at $6579.75. It is down by 2.12% over the last five days and has fallen by 3.77% during the past month. The index is also up 4.06% for the year.
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Fundstrat Tom Lee Touts 7,700 S&P500 Target by Year’s End Despite on-going geopolitical turmoil – This is Why. may be updated as new information becomes available.
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