Fundstrat's Tom Lee Makes Another Bold Call
Analyst Stands by 50% Russell 2000 Target
July 30, 2024 | 5:44 PM EDT
Wall Street strategist Tom Lee is sticking to his bullish outlook, predicting that the small-cap Russell 2000 Index will surge 50% this year. Despite recent market volatility, Lee believes that the economy is strong and that stocks are undervalued.
Lee's latest call comes as part of his quarterly rebalancing for his Granny Shots portfolio, a list of his top 36 stocks. The portfolio includes a mix of growth and value stocks, and Lee believes that it is well-positioned to benefit from the current market environment.
Lee is not the only analyst who is bullish on the Russell 2000. In fact, a recent survey of strategists found that the majority believe that the index will outperform the S&P 500 this year. However, Lee's prediction of a 50% gain is more aggressive than most.
If Lee is correct, it would be a major win for investors. The Russell 2000 is a widely followed benchmark for small-cap stocks, and a 50% gain would be a significant boost for the overall market.
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