Below we highlight the most recent 2008 price targets on the S&P 500 from strategists polled by Bloomberg. So far, six of the fifteen strategists have lowered their year-end price targets since the start of the year. Citi has lowered their target the most at -7.46%.
At the start of the year, Citi was looking for a year-end price target on the S&P 500 of 1,675. Their current forecast is 1,550. HSBC, Credit Suisse, B of A, UBS and Morgan Stanley have also lowered their price targets. Merrill has actually raised their price target on the S&P 500 from 1,525 at the start of '08 to 1,550 at the moment. Their price target is a 12-month forecast however.
Overall, the average strategist is looking for a gain of 18.39% by the end of 2008 from current levels. At the start of the year, they were looking for 11.12%.