S&P 500 Index: Scope for a fall to 3200 – Barclays

Despite 2022’s drawdown, analysts at Barclays believe that global equity markets have room to drop further. 

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“We observe that US stocks tend to bottom out 30-35% below peak in the middle of a recession. That suggests fair value of 3200 on the S&P500 sometime in H1 23. European valuations look more reasonable, but that is offset by a considerably worse macro outlook than in the US.”