Billionaire Leon Cooperman: I’m optimistic the stock market has bottomed on coronavirus fears
Billionaire investor Leon Cooperman told CNBC on Friday he’s optimistic that the stock market has bottomed on coronavirus fears.
“If I’m right on the virus call, if I’m right and that’s the big ‘if’ … I think the market at the recent low … was close enough to the bottom to be called the bottom,” Cooperman said on “Squawk Box.”
The S&P 500 hit its recent low of 2191.86 on Monday, which was about 35% lower than the index’s last month’s all-time high.
“If the economic shutdown goes beyond April into the third quarter, I would be less optimistic,” said Cooperman, founder of the Omega Advisors investment firm, which he turned into a family office at the end of 2018.
The investor, who made his fortune picking individual stocks, said he sees an S&P range of 2,200 to 2,800 this year.
“I feel very strongly that individual stocks are …continued .
[Source: CNBC News]