While the S&P 500 had a big downside reversal lower today, it's still more than 8% ABOVE the average year-end price target that Wall Street strategists placed on the index at the start of 2013. Ā Below is a table highlighting these price targets (collected by Bloomberg), including where they are now and where they were on January 1st. Ā Price targets shaded in green have been increased since the start of the year.
As shown, even with increases from 8 strategists, the average year-end S&P 500 price target is currently at 1,612, which is actually 2.49% below the index's current level. Ā Only 5 of the 14 strategists are bullish on the index for the remainder of the year, while 9 are bearish. Ā Goldman Sachs has the most bullish year-end target at 1,750, followed by Oppenheimer (1,730), JP Morgan (1,715) and Stifel Nicolaus (1,700). Ā Wells Fargo is the most bearish on the index with a year-end target of just 1,390. Ā This is 15.91% below where the index is currently trading. Ā UBS is the second-most bearish with a target of 1,425, while Barclays is the third-most bearish at 1,525.
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