Stock market outlook: 6 reasons why stocks bottomed in October and will rally

Tom Lee has growing confidence that the stock market already bottomed in October and is poised for more gains ahead.

In a Thursday note to clients, Lee made the case that investors remain too pessimistic and should get on board with the idea that a new bull market has started, especially given that equity valuations are not stretched. "Markets bottom before fundamentals 80% of the time and S&P 500 P/E is 15x ex-FAANG," Lee said."This is hardly expensive. In fact, among the most expensive sectors are defensives like Staples , Utilities , and Healthcare ."These are the six reasons why the stock market already bottomed in this bear market cycle and is poised to continue to rally towards Lee's 2023 year-end S&P 500 price target of 4,750, according to the note.

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