While conventional wisdom on Wall Street sees Democratic presidential front-runner Hillary Clinton beating Republican Donald Trump this fall, don't discount the billionaire's ability to surprise, said Jason Trennert, chief investment strategist at Strategas Research Partners.
In August 2015, Trennert put out a research note arguing Trump could win the White House. He wrote at the time: "If Donald Trump were a stock ... it would be hitting new highs despite a series, maybe even as a result, of analyst downgrades and downward earnings revisions." Keep in mind, Trump only officially announced his candidacy in June 2015.
"He was underowned, like a momentum stock that people kept shorting. I still believe that," Trennert told CNBC's "Squawk Box" on Wednesday, adding there's six months of campaigning left before the November election. "It's an eternity in a 24-hour news cycle."