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

Tobias Levkovich
Chris Goodney | Bloomberg | Getty Images

(This story is for CNBC Pro subscribers only).

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.

More In Street Calls

CNBC ProThe set-up is 'attractive' for these stocks heading into earnings, analysts say
CNBC ProBuy these homebuilders to play the tight housing market, Wells Fargo says
CNBC ProWhy UBS believes Netflix is the long-term winner in streaming