Market analyst Tom Lee is still using his market indicators despite the recent market turmoil related to the Iran war.
Lee says in a recent interview with CNCB that his equity research firm, Fundstrat Global Advisors, is still working with its final S&P 500 target of 7,700.
“First of all, I think 7,700 was the starting estimate, because the markets have been gradually increasing the value of the P/E, and we are only thinking of increasing the P/E this year to 7,700.
And as the war is obviously going to return in the short term, and there is a lot of uncertainty, including the effects of monetary policy, in the end, the war will be good for the US economy and the US stock market, so I think as we approach the end of the year, the market starts to think less about the problem of this and more about the opportunity. “
Lee pointed out that in the last eight major wars, the stock market has fallen at the beginning of the conflict.
The S&P 500 is trading at 6,579.75 at the time of writing and is down 2.12% over the past five days, 3.77% over the past month and 4.06% over the year.
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