Markets tumbled Friday, but one portfolio manager told CNBC he expects the "garden variety pullback" to be short-lived. In fact, he's predicting the Dow Jones industrial average could hit 20,000 by the end of the year.
"These corrections tend to act as springboards for higher levels because liquidity is still a factor, but now earnings and very good revenues here now are really driving this market for the long haul higher," said Gene Peroni of Advisors Asset Management in an interview with "Power Lunch."
Peroni's prediction echoes that of longtime bull Jeremy Siegel, who has been calling for the Dow to hit 20,000 by the end of 2015. Earlier this week, the Wharton School finance professor told CNBC he still considers Dow 20,000 fair market value, but said it may not get there by December.
"It's the first time I've been cautious in a while," he said in a "Squawk Box" interview on Monday.