Wall Street strategists stick by their bullish 2020 market forecasts despite coronavirus fears

But clients were taking the advice of the strategists on Monday, bidding shares up with the Dow making back more than half of Friday's rout.

"The virus development should not derail the recovery," Mike Wilson, Morgan Stanley's head of U.S. equity strategy, said in a note on Monday. "We continue to think this correction will be contained to 5% in the S&P 500...There is strong support at 3100 on the S&P 500 both technically and from a valuation standpoint."

"We still believe that the stock indices will make further all-time highs before the next US recession strikes," JPMorgan's Matejka said. The bank sees the S&P 500 climbing to 3,400 in 2020.Currently the most bullish analyst on Wall Street is Credit Suisse's Jonathan Golub, who is sticking with his 3,600 year-end S&P 500 forecast despite the coronavirus.

Despite there’s no clue how to stop it yet?

They were bullish in early 2000 also 😉

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Source: BusinessInsider - 🏆 729. / 51 Read more »