As the stock market hit another record high Tuesday a top Wall Street firm is telling its clients the nine-year bull market will continue for at least one more year ... and with force.
Credit Suisse forecasts the S&P 500 will rise 13 percent by year-end 2018 from Monday's close, according to the firm's latest market strategy report.
"Our market views are predicated on a supportive economic backdrop, with benign recessionary risks and a pickup in near-term indicators," strategist Jonathan Golub wrote in a note to clients Monday. "While we expect more muted longer-term growth, this has focused corporations on cost containment and the return of capital to shareholders, extended the business cycle and lowered discount rates."
The strategist initiated S&P 500 price targets of 2,600 and 2,875 for year-end 2017 and year-end 2018, respectively. Golub joined Credit Suisse earlier this year from a similar role at RBC Capital Markets.