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Another Wall Street Bear Concedes as Citi Boosts S&P 500 Target

  • Levkovich raises year-end price to 3,300 on sustained Fed help
  • Stocks continue to power to all-time highs on reopening hopes
Tobias Levkovich
Tobias Levkovich

Photographer: Chris Goodney/Bloomberg

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One of Wall Street’s most bearish strategists has had a reality check.

Citigroup Inc.’s Tobias Levkovich has raised his year-end target for the S&P 500 index to 3,300 from 2,900 thanks to the impact of “unbridled” Federal Reserve easing, negative real rates and the breach of technical resistance levels. That moves his index outlook from joint-second-last place to just above the median target of 3,200 among strategists surveyed by Bloomberg.