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Biggest Bear on Wall Street Tom Lee Throws In the Towel, Raises Year-End S&P 500 Target

(CNBC) One of Wall Street’s biggest bears raised his price target for the S&P 500 on Friday, conceding that he underestimated a number of factors — including tightening credit spreads and strong global growth. Fundstrat strategist Tom Lee raised his year-end price target for the broad market index to 2,475, which is still lower than where it trades currently. However, Lee’s previous forecast that the S&P would be at 2,275 at year-end ranked as the lowest target on Wall Street, according to CNBC’s Market Strategist Survey.

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