Biggest Stock Bulls Cut S&P 500 Estimates as Earnings Near
- Weeden's Purves chops outlook 13%, citing profits and economy
- Deutsche Bank, Bank of America also rein in enthusiasm
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More of Wall Street’s typically optimistic equity forecasters are capitulating, including one of the most bullish.
Michael Purves, the chief global strategist at Weeden & Co. whose year-end forecast for the Standard & Poor’s 500 had been the highest among 21 firms tracked by Bloomberg, lowered his outlook by 13 percent. Deutsche Bank AG and Bank of America Corp. also reined in their enthusiasm.