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Levkovich Issues Mea Culpa While Sticking to Dire S&P 500 Call

  • Citi strategist says he underestimated earnings, risk appetite
  • Fed taper, valuations, tax hike seen posing market headwinds

Citigroup Inc.’s Tobias Levkovich is sticking with one of Wall Street’s most bearish equity calls even after the S&P 500 has already blown well past his forecasts for this year and next.

While acknowledging that he’s made “significant” mistakes, the bank’s chief U.S. equity strategist is holding on to his prediction that the benchmark index will end this year at 4,000 before reaching 4,350 by June 2022. Both levels sit below its last close of 4,522.68.