Dubravko Lakos-Bujas, the firm's head of global markets strategy, now expects the S&P 500 will end the year at 7,200, instead of 7,500.
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Strategist Venu Krishna lifted his year-end S&P 500 target to 7,650.
JPMorgan is heading into the new year with high hopes for the stock market.
The head of U.S. equity and quantitative strategy's target implies just a 4% rise from current levels.
There's a more severe selloff on the horizon after this month's losses, the investment bank said.
The firms' year-end S&P 500 outlooks now range from 6,450 to 7,000.
The driver for this sharp outlook boils down to one word.
