Crazy volatility forces Wall Street strategists to suspend S&P 500 targets

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The stock market has gone so haywire amid the coronavirus crisis that some strategists on Wall Street are giving up on forecasting what comes next.

Over the past week or so, chief market strategists at BMO, Oppenheimer and Canaccord Genuity have all suspended their year-end targets on the S&P 500, blaming the unprecedented economic uncertainty that makes projecting the market a fool’s errand.

“For the first time in our collective careers, we have decided to suspend our year-end S&P 500 price and EPS targets in favor of rolling 12-month forecasts,” BMO’s Brian Belski and Nicholas Roccanova said in a note.

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