HomeFinancial MarketsPiper Sandler Will No Longer Release S&P 500 Price Target

Piper Sandler Will No Longer Release S&P 500 Price Target

Investment bank Piper Sandler & Co. has opted against releasing its forecast for the end-year price target of the S&P 500. Its research team concluded that the index’s performance doesn’t reflect the state of the stock market while also believing that the price target doesn’t provide value to its clients.

In a recent interview with Yahoo Finance, Piper Sandler co-chief investment strategist Michael Kantrowitz said that he struggled with setting up a price target for the S&P 500 in recent months before deciding to abandon the idea completely.

“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 told Yahoo Finance. “Nor did I think it really adds value to our clients who are institutional investors.”

After having a bearish prediction for the stock market in 2023, Kantrowitz adjusted his stance towards the end of the year. His most recent end-year-price target for the S&P 500 was 5,250 points in February.

Evercore remains the most bullish on the US stock market, predicting that the S&P 500 will reach 6,000. JP Morgan continues to keep a bearish stance with a forecast of 4,200. The index is currently trending to a new record at 5,264.18.  

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