Wall Street's biggest bull Yardeni "defects": cuts S&P 500 target to 7,900 a month after raising it, warning of rising economic downside risks

Zhito Finance APP has learned that Ed Yardeni, one of Wall Street's biggest bulls, sharply lowered his year-end target for the S&P 500 just one month after raising it, citing rising downside risks to the economy over the next three to six months. The president and chief investment strategist of Yardeni Research Inc. cut his year-end S&P 500 target to 7,900 from 8,400, which as of last month was still the highest estimate on Wall Street. The new target implies 4.1% upside from the index's Tuesday close and places him in the middle of the pack among more than 20 strategists surveyed by the market.