Evercore ISI’s Julian Emanuel is predicting the market will avoid a recession, due to healthy credit markets and continued consumer spending.

On CNBC’s “Fast Money” on Tuesday, he said, “The path to higher [stock] prices really is a function of being able to discount the macro news and focus on the fact that you’re still going to have mid-to-high, single-digit earnings growth.”

He believes the S&P 500 will end the year at 4,800, a 22% rise over the close Tuesday. he believes much of the market pain so far was due to retail investors who were too deeply into growth stocks, such as in Big Tech.

He went on to say, “The bull case rests on essentially a drying up of the public selling of these stocks,” as he made the case retail investors will return to the market once they see that employment is remaining strong and inflation has peaked, which he predicts will occur later in the summer. He added, “When things turn down, that will be a more benign environment for the equity markets. The shift from growth to value is something that’s ongoing.”