This is notable because at the beginning of the year, the most bullish strategist on Wall Street’s sell-side had a 2013 year-end target of 1,615 (See Citi’s Tobias Levkovich).
Others have been steadfast, arguing that this just means stocks will eventually fall to their targets.
Regardless, any investor who formed a tactical 12-month investment strategy based on these targets has been forced to rethink things.
If there is an upside, anyone who invested based on one of the more bullish forecasts came into the money much sooner than expected.
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