Citi, BMO Slash S&P 500 Forecasts After Worst Year in Decade
- Levkovich and Belski lowered targets by at least 150 points
- Wall Street strategists have toned down optimism for new year
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Citigroup’s Tobias Levkovich and Brian Belski at BMO Capital Markets are the latest Wall Street bulls adjusting their outlooks after the equity sell-off.
Levkovich, Citi’s chief U.S. equity strategist, cut his 2019 year-end forecast for the S&P 500 to 2,850 from 3,100, saying only one of the firm’s dozen valuation models now supports the old target after the S&P 500 plunged 14 percent last quarter. While the new prediction still sees a 14 percent rally this year, it trails the average estimate of 2,975 from the latest Bloomberg survey of strategists.