Economics
More Wall Street Strategists Are Cutting Their S&P 500 Estimates
- Seven banks reduce targets in earliest capitulation since 2003
- Confusion reigns as divergence in estimates at most in 4 years
Seven Banks Reduce S&P Year-End Targets
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Amid the normal consensus of bullish calls for stocks in 2016, evidence is mounting that Wall Street strategists are losing their resolve as everything from China to oil and interest rates roil markets.
Just five weeks into 2016, seven of the 21 strategists tracked by Bloomberg have lowered their projections for the Standard & Poor’s 500 Index amid a rout that wiped more than $2 trillion from prices. The cuts have reduced the average annual estimate, the first time that’s happened this early in a year since the Iraq war in 2003.