S&P 500 outlook: Liz Young sees upside to 5,150

The benchmark S&P 500 index will continue its move up even if the U.S. Federal Reserve hikes rates as much as three times next year, says SoFi Technologies’ Liz Young.

Young has a target of 5,150 on SPX for the end of 2022 that translates to an about 9.5% upside from here.

Young defends her bullish thesis on CNBC’s ‘Halftime Report’

According to Young, the initial recovery from the pandemic was based on concentrated strength in the market. But now, several sectors have started contributing to support a further move up. Defending her bullish thesis on CNBC’s “Halftime Report”, she said:

The talk of three rate hikes in 2022, Young confirmed, was the worst case scenario. She herself doesn't expect "aggressive rate hikes" before the back half of 2022 that further adds to her confidence that the benchmark will sustain momentum next year.

Jon Najarian agrees

During the same interview, Jon Najarian agreed that “FAANG stocks don’t have to carry the load” anymore. He said:

The bullish outlook is also in line with Tom Lee’s, who’s convinced that many sectors are set to show strength in the coming months. The benchmark is already trading at its all-time high on Monday.