Three strategists lowered their price targets on the S&P 500 last week. JP Morgan lowered its price target from 1,590 to 1,450, Strategas lowered its target from 1,640 to 1,480, and Merrill Lynch lowered its target for a second time from 1,475 to 1,425.
So far, nine out of the fifteen equity strategists surveyed by Bloomberg have lowered their 2008 forecasts this year. Merrill now has the lowest price target at 1,425, while Goldman still has the highest target at 1,675. Based on the average of all the forecasts, strategists are looking for gains of 21% from current levels to the end of the year
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