Oppenheimer’s top markets guru has just cut his year-end price target for the S&P 500 for the second time in three months, as one of the most bullish research shops on Wall Street continues to play catch up with falling equity prices.
Oppenheimer’s top markets guru has just cut his year-end price target for the S&P 500 for the second time in three months, as one of the most bullish research shops on Wall Street continues to play catch up with falling equity prices.
The cut represents an 800-point reduction from the 4,800 year-end target that Stoltzfus debuted in July. Oppenheimer began 2022 with a year-end price target of 5,330, making it one of the most bullish shops on Wall Street.Stoltzfus said the reduced price target is largely a reflection of the dwindling time left in the year for a market turnaround. At this point, it would take a “miracle” for stocks to claw their way back to 4,800 given the uncertain outlook for global markets and the economy.
“We have found over the course of our tenure in the markets that so long as monetary policy makers, government officials, business leaders and the consumer respectively address the problems at hand to work towards averting or resolving a crisis, history has shown that the issues of the day often in hindsight have proven not only to be navigable but in fact have often presented opportunities that result in future prosperity and growth,” Stoltzfus wrote in a note to clients and the media...
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