Ed Yardeni raises his S&P 500 forecast for 2020 and next year

An unrelenting rise in stock market prices coupled with a favorable set of circumstances to allow the run to continue has pushed market veteran Ed Yardeni to increase his expectation for the S&P 500.

"The market is experiencing a meltup, making it hard to predict the upside and also raising the risk of a meltdown along the way up," Yardeni told clients.

To justify the price target increase, Yardeni cited a variety of factors.