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David Bianco, the Chief U.S. Equity Strategist at Deutsche Bank, slapped a 1,475 year-end price target on the S&P 500 back in May.However, in recent weeks, Bianco has been taking an increasingly cautious tone in his notes to clients.
But for the first time, Bianco has warned that his year end call might not come into fruition:
We expect a 5-10% pullback in the S&P 500 in the very near term
US mfg. ISM disappoints again and 3Q EPS is still likely to be down yr/yr. Profit warnings this week from bellwethers FDX and INTC are not comforting. We remain confident in our 1500 12-month target, which has upside on positive US tax policy and EM reacceleration, but our 1475 year-end price target is beginning to look at risk despite the market’s recent steps toward it.
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