Barry Bannister of Stifel predicts a 500-point drop in the S&P 500, likely in the third quarter. Known for his accurate market calls, Bannister believes the market is currently overvalued, with high multiples and a significant rise over the past year and a half without a major correction.
His prediction is based on both earnings and the disproportionate gains driven by a few technology stocks. Bannister anticipates a correction that could deflate these inflated valuations and provide a healthier path for future growth.
This post appeared first on 24/7 Wall St.