Tobias Levkovich

Chris Goodney | Bloomberg | Getty Images

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Citi’s top equity strategist defended his cautious S&P 500 target for the end of the year after the latest leg of the stock market rally brought the index to more record highs.

Tobias Levkovich said in a note on Monday that there was downside risk in the market and that Citi’s strategists felt good about their projections on the underlying components of their market outlook.

Originally published at CNBC

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