Wall Street firms are cutting their targets on the S&P 500 Index, with Evercore ISI joining the trend after a $5.4 trillion market value wipeout in two days. The firm’s chief strategist lowered his year-end forecast to 5,600 points, about 10% above Friday’s closing level of 5,074.
President Donald Trump’s recent tariff moves have roiled global financial markets and spooked investors, prompting Evercore ISI to reassess its outlook. Despite this, the firm still expects stocks to rally from current levels by year-end. Julian Emanuel, chief equity and quantitative strategist at Evercore ISI, made the change to reflect his updated assessment of market conditions.
Source: https://www.bloomberg.com/news/articles/2025-04-06/evercore-isi-is-latest-firm-on-wall-street-to-cut-s-p-500-target