- The S&P 500 could surge 362% to 19,350 by 2038, Fundstrat’s Tom Lee said in a Friday note.
- Lee said that millennials are poised to become the most important driver of the US economy over the next two decades.
- “Millennials are going to be a major incremental and additive driver to US economic growth, and better growth equals better equity returns,” Lee said.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
“Demographics are destiny,” according to Fundstrat’s Tom Lee, who believes stock market returns will be strong for the next two decades as millennials drive the US economy to new heights.
In a Friday note, Lee outlined his case for the S&P 500 to trade as high as 19,350 by 2038, representing potential upside of 362% from Thursday’s close.
The basis for the long-term forecast is predicated on the strong expected demand for homes and vehicles from millennials as America’s…