One of Wall Street’s biggest bulls lowers S&P 500 target — still sees 25% upside by year-end
Oppenheimer strategists have lowered their year-end price target for the S&P 500 in light of the stickier inflation and geopolitical tensions over the first half of 2022.
Oppenheimer & Co.’s John Stoltzfus, chief investment strategist and one of the most bullish prognosticators on Wall Street, now expects the S&P 500 SPX to finish the year at 4,800, after staying stridently optimistic in his previous forecast of 5,330. That indicates 24.8% upside in the index by year-end based on its closing level of 3,845 on Wednesday.
“Even in the face of uncertainty and palpable risks of recession, our longer-term outlook for the U.S. economy and the stock market remains decidedly bullish,” the strategists said. “We believe U.S. economic fundamentals remain on solid footing. U.S. growth should remain well supported by consumer demand, business investment, and government spending.”
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