Below we highlight the current year-end S&P 500 price targets from major strategists polled by Bloomberg. As shown, the average price target is 1,517, which is 18.5% above the index's close yesterday. UBS and Deutsche Bank have the highest price targets at 1,650 (which would be a 29% gain over the next 6 months), followed by Lehman at 1,630 and Wachovia at 1,590. Credit Suisse has the lowest price target at 1,350, but that is still 70 points above where the index closed yesterday.
At the start of the year, strategists were looking for a gain of 11% in 2008. Strategists have lowered that estimate by 7% in the first six months, but meeting the current price target is going to be tough to say the least. It's also noteworthy that two firms stopped giving forecasts, one went under (NYSE:BSC), and the other changed strategists (NYSE:GS) in the first half of 2008.