Stocks will reach record highs in 2021, CFRA’s Sam Stovall predicts

spike

What a difference a year may make.

CFRA’s Sam Stovall believes stocks will return to all-time highs in the next 12 months.

“In other bear markets going back to 1929, and the average 13 month advance was 50%,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Monday. “We have a very good possibility of retracing our steps and challenging the old high.”

The S&P 500 closed at its record high of 3,393 on February 19. Stovall’s rolling 12 month price target on the index is 3,435, which reflects a 17% jump from current levels.

Despite his bull case,

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