BMO Capital Markets Chief Investment Strategist Brian Belski is still calling for the S&P/TSX Composite Index to hit 24,000 points by year-end, “for now.”

“We're sticking with that for now, you know, if you take a look at where multiples are at 13 times and our earnings numbers probably a little bit too low,” he said in an interview Wednesday.

“And so, we think the TSX is exquisite value, especially for those Canadian centric investors buying those stocks with Canadian dollar.”

Belski added that he thinks Canada is “going to be a home for stability” and more importantly, value.

• READ MORE: The stock market could bottom in 2024: David Rosenberg

“Our overall theme for Canada remains resolute that Canada is a very cheap backdoor way to own the United States,” he said.

“We're going to remain with that (24,000) and we still think that North American markets coming out of this are going to lead for the next couple of years.”

The index has gone into a tailspin since hitting a high of 22,087.22 on March 29. Since then, it tumbled 17.5 per cent through the close of trading Tuesday.

As of 11:19 a.m. EDT on Wednesday, the TSX is at 18,182.60, which is about 24.2 per cent lower than Belski’s year-end target of 24,000.

'BEARS ARE GETTING MORE COCKY'

Belski said that while many hedge fund managers and other investors are forecasting steeper declines ahead for the stock market, this is nothing new.

“Congratulations you've been right this year, right for the first time in 13 years, aside from the fourth quarter of 2018,” Belski said.

“I sense that the bears are getting more cocky here and starting to showboat a little bit. Nobody knows where the bottom is until you pass from one.”

Earlier this week, David Rosenberg, the founder and president of Rosenberg Research, said investors who are wanting to take advantage of market lows might be left waiting until 2024.

“There is no evidence of the stock market ever bottoming as the central banks are still raising rates into an inverted yield curve,” Rosenberg said in an interview on Tuesday.

Belski said “everyone's negative Nelly” and added that bearish investors should stop “trying to pump the market lower.”

“Everybody wants to make the big call that we're heading into recession. And the market is going to be down 40 per cent, and thump their chest that they've been right,” Belski said.

“I don't think that's the right way to go about it.”