Below we highlight the recent survey of strategist price targets for oil in the fourth quarter of 2008. Goldman Sachs has been making news with the reiteration of their $150 oil call, and as shown below, they're currently the most bullish strategist amongst participants in Bloomberg's strategist survey. Overall, 24 out of 31 have a price target greater than the current price of oil, but it's important to note that these targets were all upped right as oil was peaking. The average price target for Q4 is $121, while the median is $125.
Its hard not to notice that only 3 strategists see the price falling below $100 by Q4. Is this contrarian?
Chart: Bespoke Investment Group
