RBC expects 9% market gain by year end, but says a pullback could be coming soon

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RBC expects a 9% gain in the S&P 500 this year, but also sees a pullback in the first half that could be slight or as deep as the mid-teens.

RBC chief U.S. equity strategist Lori Calvasina set a target of 4,100 on the S&P 500 for 2021. That is just above the average Wall Street target of 4,066 in the CNBC market strategists survey.

There are four major longer term risks for the market, according to a note by RBC strategists.