S&P 500 Index: Year-end target now seen at 3,300 – Citibank

Citigroup Inc.’s Chief US Equity Strategist, Tobias Levkovich, bumped up the 2020 forecast for S&P 500 index from 2,900 to 3,300, per Bloomberg.

Key quotes

“The pushback to our upward adjustments will involve claims of capitulation and a lack of fortitude/consistency.” 

“However, we appear to be in one of those periods where technicals seem to overwhelm fundamentals and standing in the way of that might only indicate our intransigence.”

“We still think the market may be ahead of itself but the Fed will do ‘whatever it takes’ to prevent US stocks declining by teen-like percentages.”

“Is the S&P 500 ready to drop 500 points? No.”

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