Market strategist Tom Lee is holding onto his inventory market forecast regardless of current market turbulence related to the conflict in Iran.
Lee says in a current interview with CNCB that his fairness analysis agency, Fundstrat International Advisors, is holding regular with its year-end S&P 500 goal of seven,700.
“One, I believe 7,700 was a conservative estimate to begin, as a result of markets have been steadily repricing on a P/E foundation, and we’re solely assuming modest P/E growth this yr to 7,700.
And as a lot because the conflict is creating clearly an enormous short-term setback, and quite a lot of uncertainty, together with results on financial coverage, finally, wars are going to be good for the US economic system and the US inventory market, so I believe as we get in direction of the top of the yr, the market begins considering much less in regards to the disaster ingredient of this and extra on the chance.”
Lee additionally notes that previously eight main wars, the inventory market bottomed early on within the battle.
The S&P 500 is priced at 6,579.75 at time of writing and is down 2.12% up to now 5 days, 3.77% up to now month and 4.06% year-to-date.
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