Bear Case Is Now Base Case for Strategist Cutting S&P 500 Forecast
- Kantrowitz lowers his year-end target to 3,400 from 4,000
- He’s among the first to predict share losses for rest of 2022
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Back in May when Michael Kantrowitz held a webinar with clients, he flagged 3,400 as a worst-case scenario for the S&P 500.
Fast forward to today and a slew of disappointing economic data later, the strategist at Piper Sandler & Co. is making that bear case the official forecast, slashing his year-end target for the equity benchmark from 4,000. The new projection represents an 11% drop from Tuesday’s close.