Tom Lee, Fundstrat Worldwide Advisors
Scott Mlyn | CNBC
Tom Lee, head of study at Fundstrat Worldwide Advisors, thinks the S&P 500 is primed for an extra leg elevated led by shares benefiting from the financial system reopening.
Lee hiked his S&P 500 value purpose to 3,525 on from 3,450 on Thursday night time time. His new purpose implies an upside of 4.4% from the S&P 500 earlier shut of three,373.43. The S&P 500 has certainly not traded above 3,400.
His identify acquired right here after a big rally off the March low — which he known as — that left the S&P 500 a stone’s throw away from its Feb. 19 intraday report of three,393.52. Since hitting an intraday low on March 23, the S&P 500 is up higher than 50%. These options have been largely led by progress shares, notably an important tech names.