JPMorgan Chase’s chief equity strategist, Thomas Lee, hiked his year-end target on the S&P to 1,775 from 1,715.
Ok, lots of the analysts on Wall Street predicted the S&P 500 hitting 1700 this year. Good for them. The thing is, they always predict big rallies in the stock market. What kills me is that the targets were based on strong US growth this year, something that hasn’t happened. Still, they’re out there taking victory laps.
Show me the guy who was saying, ‘I predict sub-1.5% first half growth and zero revenue growth but stocks will rise on expanding earnings multiples’