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According to Bloomberg, the US equity benchmark, S&P 500, tops Wall Street’s strategists year-end target by 9%.

Key takeaways

“After three weeks of gains that are on the verge of erasing its loss for the year, the S&P 500 is approaching 3,200, sitting 9% above the projection of 2,933, the average level where strategists expect the index to finish 2020.

That’s the widest gap in Bloomberg data going back in 1999.

Like a host of buy-side luminaries, strategists have been too cautious in estimating the speed of the recovery.

While strategists’ record in forecasting the S&P 500 has been spotty — they missed the benchmark’s gain in 2019 by more than 10% percentage points and overshot the market by a similar amount in the previous year, their current stance echoes prevailing skepticism among institutional investors.”

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