Top Wall Street strategist explains why he’s abandoning an S&P 500 target

Piper Sandler will no longer release year-end price targets for the S&P 500 (^GSPC) after concluding that the index no longer truly reflects the stock market’s performance.

In a video interview on Yahoo Finance, Piper Sandler co-chief investment strategist Michael Kantrowitz explained the firm’s reasoning.

“In the last few months, as I was trying to think about raising my target again, I didn’t really feel that comfortable being intellectually honest saying that I can have a high conviction view of where the S&P 500 is going to end up,” Kantrowitz said. “Nor did I think it really adds value to our clients who are institutional investors.”


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