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Jeremy Siegel: Dow could hit 20K in 2015, but climb is tougher

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NEW YORK (MarketWatch) -- Wharton finance professor Jeremy Siegel told CNBC on Tuesday that the Dow Jones Industrial Average DJIA, -0.33% could hit 20,000 in 2015, a rise of 10.9% from its current level, but warned that the slog will only get more difficult as stocks get closer to fair value. Calling stocks to move higher over the last three to four years was a "slam dunk," Siegel said. "The market was so undervalued with the interest rates so low, and earnings momentum going up." While earnings momentum continues to rise, stocks are nearer to fair value, said Siegel. The professor last year at this time predicted the Dow would hit 18,000 by the end of 2014, according to CNBC, a milestone that was achieved on Dec. 23.


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