The stock market may pull back this year, but earnings should ultimately push it higher, JPMorgan's David Lebovitz told CNBC on Monday.
In fact, he's anticipating earnings for the S&P 500 could grow somewhere between 3 percent and 5 percent for 2017.
"A lot of the headwinds to profit growth over the past couple of years, namely the dollar and energy, are largely now behind us," the global market strategist for JPMorgan Asset Management said in an interview with CNBC's "Power Lunch."
Add in the dividend yield and he sees a mid- to high-single digit return for U.S. equities over the next 12 months.
And that doesn't factor in the potential of "animal spirits." While those animal spirits have powered the market higher since President-elect Donald Trump won the election, a lot of it has now been priced in, Lebovitz said.
"Anything we get from animal spirits in the form of multiple expansion would really be icing on the cake," he noted.