Fresh S&P 500 Target From Piper Sandler Strategist Still Sees 20% Plunge
- Raises 2023 call for US equity gauge to 3,600-3,800 from 3,225
- Cites further soft landing optimism as risk to bearish stance
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An unstoppable climb in US equities this year is forcing the hand of even the most pessimistic sell-side strategist on Wall Street.
Piper Sandler & Co.’s Michael Kantrowitz, who had the gloomiest outlook for US stocks among market prognosticators, has raised his year-end target on the S&P 500 Index — but to a level that still reflects a 15% to 20% drop before the end of 2023.