Despite recent market turbulence due to the conflict in Iran, market strategist Tom Lee remains confident in his stock market forecast.
In a recent interview with CNBC, Lee, from the equity research firm Fundstrat Global Advisors, maintains their year-end S&P 500 target of 7,700.
“Our initial estimate of 7,700 was conservative, considering the steady repricing of markets on a P/E basis. We anticipate modest P/E expansion this year to reach 7,700.
While the war has caused short-term setbacks and uncertainties, including impacts on monetary policy, historically, wars have benefitted the US economy and stock market. As we approach the end of the year, the focus will shift from crisis to opportunity.”
Lee also points out that during the eight major wars in the past, the stock market hit its bottom early in the conflict.
Currently, the S&P 500 is at 6,579.75, experiencing a 2.12% decline in the last five days, a 3.77% drop in the past month, and a 4.06% decrease year-to-date.
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