Tom Lee Sees S&P 500 at 8,000, Names Ethereum the Next Rally Leader
Fundstrat's Tom Lee said on CNBC he expects the S&P 500 to reach 7,900 to 8,000 this month.
He also named Ethereum as an unexpected leader of the next leg higher, alongside the Magnificent Seven and software stocks.
Lee's case for an August breakout
Lee said a deleveraging event a few weeks ago pushed cash to the sidelines. It also left investor sentiment too bearish, he said.
He added that strong earnings and cooling inflation fears are now driving a "chase" higher. AI spending also remains a strong theme, Lee said.
The anchor framed the recent pullback as froth clearing, not a fundamental shift. Lee agreed, then pointed to fresh earnings data.
This quarter's results are running more than $15 ahead of estimates set at the quarter's start, Lee said. He added that 2027 earnings estimates have risen $8, nearing 410, with room to reach 425 by season's end.
Lee is no stranger to bold S&P 500 calls. He made a similarly aggressive prediction last November, and other strategists have floated comparable 8,000 targets for this year.
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