Citi sticks by bearish stance even as S&P 500 blows past 2020 target by 12%

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Citi's top equity strategist defended his cautious S&P 500 target for the end of the year after the latest leg of the stock market rally brought the index to more record highs.

Tobias Levkovich said in a note on Monday that there was downside risk in the market and that Citi's strategists felt good about their projections on the underlying components of their market outlook.