- Binky Chadha, chief equity strategist at the firm, expects the market to pull back over the next three months before quickly bouncing back up.
- According to the CNBC Market Strategist Survey, the average 2019 S&P 500 target among 17 firms is 2,961, with 2,750 as the lowest.
Binky Chadha — head of asset allocation and chief equity strategist at the firm — told CNBC on Tuesday he is keeping the S&P target at 3,250, which is the highest among major Wall Street firms.
The S&P, as of Monday’s close, was only off about 4% from its all-time intraday record high of 2,954 on May 1.
In a “Squawk on the Street ” interview, Chadha said he expects the market to pull back over the next three months before quickly bouncing back up into the end of the year. “I’m very much of the view that things need to get worse before they can get better.”
The SPDR S&P 500 ETF Trust (SPY) was trading at $286.51 per share on Tuesday afternoon, up $2.56 (+0.90%). Year-to-date, SPY has gained 7.79%.
This article is brought to you courtesy of CNBC.