It’s not even 2016 yet, and Wall Street is already revising its 2016 target for stocks

Jonathan golub
RBC Jonathan Golub Screengrab via Bloomberg

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…

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