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Why Tom Lee expects to see a 'real rejuvenation' of the stock market rally

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Tom Lee, Fundstrat Global Advisors
Scott Mlyn | CNBC

Tom Lee told CNBC on Thursday that he believes the U.S. equity market is in a prime position to go higher heading into the summer months.

In an interview on "Halftime Report," the co-founder of Fundstrat Global Advisors cited a number of potential catalysts, including what he sees as an improvement in the trajectory of coronavirus cases in the U.S. That will allow investors to become more confident in a strong economic reopening, he said.

"I think stocks are going to now have another leg up, so I think the rolling correction is running its course," Lee said, contending the S&P 500 could reach 4,400 by June. That represents more than 5% upside from where the broad equity index traded around 1:30 p.m. Thursday.

"I think we could have a real rejuvenation of the stock rally," added Lee, who also serves as the firm's head of research.

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