Their S&P 500 forecast for 2023 was 4200.
Guessing that is why our Financial Advisors know to follow other seasoned analysts and not listen to the castrated advice under the watered-down and “efficient” leadership of Darrel C.
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Half get it right and half get it wrong. If everyone was right we wouldn't have an efficient market.
WFII plays the middle of the road, plagiarizing what other firms are saying. No surprise at all that we were right in line with JPM. Darrel forced out all the talent years ago, and the remaining economists and strategists are not allowed to publicly disagree with his consensus.
Stifel got it right as well as others.
Weird… JPM also said 4200, guess they are also the laughing stock of finance.
JPM strategists now estimate S&P 500 earnings per share for next year to be $205, down 9% from an earlier forecast of $225.
They also flagged that the S&P 500 index could "re-test" this year's low of 3,491.58 in the first six months of 2023, as the U.S. Federal Reserve's monetary policy tightening weakens fundamentals.
"This sell-off combined with disinflation, rising unemployment, and declining corporate sentiment should be enough for the Fed to start signaling a pivot, subsequently driving an asset recovery," they said, adding that the index could claw back up to 4,200 by year-end, to reflect a near 3% upside from current levels.
https://www.reuters.com/business/finance/jpmorgan-cuts-2023-sp-500-earnings-forecast-by-9-2022-12-01/
What were the other companies guesses?
Year ain't over yet.
I would bet many analysts and firms didn't anticipate this last minute 10% rip.
I know what we all need to invest in...India! They're great at taking our jerbs!