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Dow could hit 21,500 in 2015, strategist says

This year is going to be a good year for the market, two strategists told CNBC on Friday. In fact, one is expecting the Dow Jones industrial average to go as high as 21,500 in 2015.

That's because the market has been very resilient in the face of challenging headline risk, Gene Peroni, portfolio manager at Advisors Asset Management, said in an interview with "Power Lunch."

"We're moving into the later stages of this cycle and as we've seen in previous cycles, that's when you tend to get the more urgent buying, when you tend to get more of a willingness to accept more risk for more reward. I think we're moving toward that point," he noted.

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Peroni also sees opportunity in small- and mid-cap stocks, noting that the Russell 2000 has "significantly" outperformed the S&P 500 and the Russell 3000 since Oct. 15.

"I think that's a trend that is going to continue, maybe even widen as we go toward the latter stages of this cycle," he said.

Rob Lutts, chief investment officer at Cabot Wealth Management, thinks a combination of energy, innovation and greed will power the market higher. He has a target of 2,470 for the S&P 500 this year.

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"Greed is going to drive higher P/Es in the market. Bull markets do not end at fair value and that's where we are today," he said. "They always end at overvalued."

For those looking for a global opportunity, Lutts likes India.

"India has been held back by its government and I think the potential for change by the government means you need to pay attention," he said.