Stock-market strategists who were largely wrong about this year¡¯s rally are finally starting to come to face their mistake, raising year-end targets for the S&P 500 Index.
Take Societe Generale¡¯s Manish Kabra, who boosted his year-end target last week on the index from 4,300 to 4,750 ¡ª 25% above his original call of 3,800 heading into 2023. Or Piper Sandler¡¯s Michael Kantrowitz and BNP Paribas¡¯ Greg Boutle, who at 3,225 and 3,400 had held the lowest targets among sell-side forecasters. They were cornered into lifting their 2023 outlooks in recent months just to keep up with this year¡¯s 15.9% rally.
And then there¡¯s Morgan Stanley¡¯s Mike Wilson, a stalwart bear, who conceded in July that he was pessimistic for too long. Though he still sees U.S. stocks falling more than 10% before the year is out.
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