Fundstrat's Tom Lee Thinks These FAANG Stocks Could Rally 20% Before Year's End

Apple Inc AAPL and Amazon.com, Inc. AMZN could lead the way in a broad Wall Street rally if the COVID-19 delta variant subsides, Fundstrat's Tom Lee said Wednesday on CNBC's "Fast Money Halftime Report."

Lee is anticipating an "everything rally" in which the S&P 500 could trade up to $4,800 as soon as next month.

"This is something that could push the S&P toward $4,800 before October," Lee said.

Related Link: Apple Stock Holds Above Do-Or-Die Level

Apple is up about 9% for the year, while Amazon is only up about 2%: "Tech has a big catch-up trade to make."

Lee said a lot of the money that has been sitting on the sidelines is likely going to pour into FAANG stocks and with Apple and Amazon lagging, the pair of FAANG names could rally 20% before the end of the year.

Price Action: Apple was up 0.18% at $145.86, while Amazon was down 0.86% at $3,292.11.

See also: How To Buy Apple Stock

Photo: courtesy of Apple.