Piper Sandler dropping its S&P 500 target. Strategist explains
While many Wall Street firms are boosting their forecasts on the S&P 500's (^GSPC) year-end price target as the index continues to exceed expectations, Piper Sandler is dropping its year-end price target for the S&P 500 altogether.
Piper Sandler Co-Chief Investment Strategist Michael Kantrowitz sits down with Catalysts to talk about his call, which came down to his comfort level and "conviction view of where the S&P [500] is going to end up."
"If you're bullish on the S&P 500 this year for an institutional investor that's not buying the index, well how does that really help them? Because you look at the market this year we're up 16 [or] 17%. Typically that much of a rally would come along with massive risk on leadership," Kantrowitz explains. "Small caps outperforming and small caps as we sit here year to date have returned zero, and so we've been focused on where to invest. And for the last two years we've been big bulls on larger quality, profitable names that essentially have economies of scale that can sustain their businesses."
For more expert insight and the latest market action, click here to watch this full episode of Catalysts.
This post was written by Luke Carberry Mogan.
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