The correlation between market returns and price to earnings ratio (PE) is almost zero over the past 20 years, according to Citi US equity strategy director Drew Pettit. The S&P 500 is currently trading at a PE ratio of 22, which is in the 92nd percentile for the last 20 years.
Citi's equity strategy team remains optimistic about stocks, despite this valuation. They predict the index to close the year at 5,100.
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