Wall Street has a new most apocalyptic forecast for stocks. – MarketWatch photo illustration/iStockphoto
Move over, J.P. Morgan — we have a new contender for most apocalyptic stock-market forecast.
It comes courtesy of Peter Berezin, chief global strategist at BCA Research, who said in a report shared with MarketWatch on Thursday that he has revised down his target for the S&P 500 SPX to 3,750 — lower than J.P. Morgan Global Research’s year-end target of 4,200, the previous Wall Street low — due to expectations that the U.S. will soon enter a sudden and unexpected recession. Berezin expects that recession to begin either later this year or in early 2025.
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Should that transpire, the S&P 500 could decline more than 30% from Friday’s levels as a result, according to his forecast.
Potentially making matters worse for markets, Berezin expects the economic…
