Wall Street's Bearish 2024 Outlook Too Pessimistic, Fundstrat's Tom Lee Forecasts Big Gains
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Wall Street's 2024 stock market forecasts are too bearish, per Fundstrat's Tom Lee. His analysis of returns since 1900 shows big gains over 10% occur 51% of the time.
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Early 2024 targets from Wall Street like Morgan Stanley and Goldman Sachs call for flat or single-digit S&P 500 returns. This seems too pessimistic based on history.
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51% of Fundstrat's surveyed investors expect 5-10% S&P 500 returns next year, showing lingering skepticism after October's capitulation.
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Investors are still skeptical due to recession fears and a view we are late-cycle. But growth is accelerating based on Q3 earnings.
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Lee believes the S&P 500 will test record highs and rise 7% to 4,800 by end of 2023, signaling his bullish 2024 outlook.