“I do think this market moves substantially higher over the course of the next year,” said Carmine Grigoli, chief investment strategist at Mizuho Securities. “Earnings will rise by 8 to 10 percent, you also have an increased appetite by the corporate sector…and the valuations of the equity market relative to interest rates have not been this low in over 50 years, so what’s not to like?”
And Joe Bell, senior equities analyst at Schaeffer's Investment Research has a 1,525 year-end price target on the S&P 500.
“The strong price action, coupled with decline expectations and the overall negative market sentiment is all going to be a positive for stocks going forward," he said.
But a handful of tepid economic news, ongoing euro zone debt woes and worries over a soft landing in China prompted a selloff in the last two weeks, leaving investors to wonder whether a bigger correction is on the horizon.
While stocks are taking a pause from the pullback, some experts say the global worries will continue to spook the markets for the foreseeable future.
As a result, Todd Schoenberger, managing principal of The BlackBay Group said he remains bearish.
“Going forward, housing is going to be bad, jobs growth is going to be disappointing and so the poison is still there for investors,” he said. “I predict we’re going to finish lower for the year.”
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