Piper Sandler Drops S&P 500 Target, Says Practice Is Futile
- Kantrowitz still favors US stocks, but urges buying quality
- Limiting market view to S&P forecast is ‘misleading,’ he says
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Piper Sandler & Co.’s macro research team will no longer publish a single-number forecast for where the S&P 500 Index will end the year, calling it an inefficient way to communicate with clients.
Predicting the US equity benchmark’s performance in absolute terms has become futile in light of the concentration of companies in the gauge, with the 10 biggest stocks accounting for 37% of the index, according to Piper Sandler’s chief investment strategist Michael Kantrowitz.