Tom Lee, head of research at Fundstrat Global Advisors, thinks the S&P 500 is primed for another leg higher led by stocks benefiting from the economy reopening.
Lee hiked his S&P 500 price target to 3,525 on from 3,450 on Thursday night. His new target implies an upside of 4.4% from the S&P 500 previous close of 3,373.43. The S&P 500 has never traded above 3,400.
His call came after a massive rally off the March low — which he called — that left the S&P 500 a stone's throw away from its Feb. 19 intraday record of 3,393.52. Since hitting an intraday low on March 23, the S&P 500 is up more than 50%. Those gains have been largely led by growth stocks, especially the major tech names.