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Stock Drubbings Finally Convince Holdout Analysts to Get Real

  • Such a frenetic pace of downgrades seen only four times before
  • Recession or not, UBS model shows 1,100-point gap for S&P 500
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Billionaire Leon Cooperman Sees Recession as '2023 Event'

Even diehard bulls are yielding to recession angst. 

Wall Street analysts, the majority of whom clung to buy ratings and optimistic profit forecasts as markets cratered, are showing signs of giving in. On a net basis, they’ve issued more than 500 downgrades on share-price targets and earnings estimates for S&P 500 stocks over the past five sessions, data compiled by Sundial Capital Research and Bloomberg show.