Fundstrat's Tom Lee raises 2020 S&P 500 target, sees rally into year-end

Tom Lee, Fundstrat Global Advisors
Scott Mlyn | CNBC

(This story is for CNBC PRO subscribers only.)

Fundstrat Global Advisors' Tom Lee, who correctly called the bottom for stocks in March, believes the S&P 500 will continue to climb, and sees the benchmark index ending the year on a high note.

Lee hiked his year-end target on Thursday to 3,800, representing a 6.5% rally from where the S&P 500 closed on Wednesday. Lee's prior target, which was established on Aug. 13, stood at 3,525.

Lee's forecast puts the S&P at a new all-time high — the benchmark's current record intraday high is 3,645.99, reached on Nov. 9.