Most Analysts Still See a Rising S&P 500

Includes: IVV, SPY
by: Bespoke Investment Group

Hickey and Walters (Bespoke) submit: Back on July 23rd, just before the recent correction in equity markets, U.S. strategists (based on Bloomberg's weekly survey) had a year-end S&P 500 price target of 1,599. That was a modest 3.75% above the index's actual price level on 7/23. AG Edwards and UBS had the highest price targets at 1,650, while JP Morgan was the only firm to have a price target below that of the index at the time.

Since 7/23, only Merrill Lynch has lowered their estimate from 1,625 to 1,560 (Merrill's outlook is also for the next 12 months). This has caused the consensus estimate to drop only slightly from 1,599 to 1,594. Based on these numbers, analysts are at the moment expecting a gain of 7.94% by the end of the year.

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