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Jeremy Siegel predicts the S&P 500 could gain 15% to 20% by the end of 2023, putting the index as high as 4,600 points by year-end.
He is strikingly bullish on the stock market, despite others predicting further pain for stocks this year.
Siegel believes the technology stock bubble was inflated by fiscal and monetary stimulus during the pandemic, but it's not as big as the dot-com bubble.
He predicts US house prices will decline by 10% from their peak or as much as 15% if the Federal Reserve doesn't relax its grip on the economy.
Higher interest rates could weigh on asset prices and economic growth, especially with a surge in US inflation.
While bullish on the stock market, Siegel has warned the housing market could be at risk of a potential 10% decline from its peak, which could wipe out some of the gains made during the pandemic.