The Blubber

JPMorgan made the most dramatic revision to its S&P 500 outlook, slashing its year-end target from 6,500 to 5,200—a 20% cut. If realized, that would represent only a modest 2.48% gain from current levels. The firm also warned of a worst-case scenario in which the index could tumble to 4,000, which would mean a steep 21.16% drop from where it stands now.

Oppenheimer’s chief strategist, John Stoltzfus, who previously held the most bullish view on Wall Street with a target of 7,100, has now revised that to 5,900. While still optimistic, the new forecast marks a 16.90% cut from his original call. If the index hits that level, it would reflect a 16.27% gain from Friday’s close.

Julian Emanuel, Evercore ISI’s strategist for derivatives and quantitative strategy, also made a significant cut—lowering his target from 6,800 to 5,800. That’s a reduction of 1,000 points or 14.70%. His revised target suggests a potential 14.3% rise from current levels.

Bank of America dropped its earlier target of 6,666—a number some found symbolic—to a revised 5,600. That’s a 15.99% downgrade, now implying a 10.36% upside for the index.

Lastly, Morgan Stanley had already adjusted its outlook in March, bringing its target down to 5,500. But in a more recent move, the firm further reduced its expectations, suggesting the S&P 500 could fall to 4,700—a level 7.37% below current prices and 14.54% lower than their previous estimate.