The S & P 500 has further upside going into next year, predicts Tom Lee, managing partner of Fundstrat Global Advisors. He told " Squawk Box Asia " on Thursday that his target for the index heading into 2024 is 4,750 — or nearly 9% upside from Wednesday's close. Lee said he believes that comments from the U.S. Federal Reserve meeting this week are giving stocks the "green light" to rally further. "Our view is that you want to be risk on this year," he added.
"The market fell 5% over the next two trading days," he said, of the period in November. "So I actually think the Fed is not concerned about the equity market here. I think that's why … it's a green light for stocks to continue to rally." In a separate June 14 report, Lee said he would "buy the dip on a hawkish pause" and "buy a 5% pullback in stocks." "The latest BofA Fund Manager Survey shows fund managers massively underweight equities.
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