A little over a month after setting a 2016 year-end price target on the S&P 500, RBC’s Jonathan Golub is already scaling back his call.
Because, when the the facts change, one changes one’s mind.
“On November 20, we published our 2016 outlook with an S&P 500 price target of 2,300,” said Golub, RBC’s chief equity strategist. “Since that time, WTI has fallen by nearly 10% and bottom-up analyst estimates for 2016 have fallen by 1%. Further, economic trends have softened, with the November ISM at 48.6, well below the 53.7 average of the past 3 years.”
More to come…