--- title: Wall Street Pros Unusually Bearish About the Year Ahead description: "Chart of the month: Wall Street strategists delivering a lump of coal via their 2023 year-end S&P 500 price targets." image: https://insights.danainvestment.com/hubfs/2022-12%20Dana%20CotM.png --- - [Home](https://www.danainvestment.com/) - About Us - [Who We Are](https://www.danainvestment.com/who-we-are/) - [Who We Serve](https://www.danainvestment.com/who-we-serve/) - [Our Responsibilities](https://www.danainvestment.com/our-responsibilities/) - [Meet The Team](https://www.danainvestment.com/meet-the-team/) - [History](https://www.danainvestment.com/history/) - [Awards](https://www.danainvestment.com/awards/) - Our Services - [Overview](https://www.danainvestment.com/overview/) - [Equity Strategies](https://www.danainvestment.com/strategy-assignment/equity-strategies/) - [Fixed Income Strategies](https://www.danainvestment.com/strategy-assignment/fixed-income-strategies/) - [Wealth Management](https://www.danainvestment.com/strategy-assignment/wealth-management/) - Insights - [The Dana Viewpoint](https://www.danainvestment.com/category/the-dana-viewpoint/) - [News & Updates](https://www.danainvestment.com/content-library-category/news-updates/) - [Content Library](https://www.danainvestment.com/content-library-category/content-library/) - [Resources](https://www.danainvestment.com/resources/) - [Contact](https://www.danainvestment.com/contact/) - [Stay Informed](https://www.danainvestment.com/stay-informed/) [![Dana Investment](https://insights.danainvestment.com/hs-fs/hubfs/raw_assets/public/DanaInvestment_May2023/images/mobile-logo.png?width=300&height=76&name=mobile-logo.png "Dana Investment")](https://www.danainvestment.com/) - About Us - [Who We Are](https://www.danainvestment.com/who-we-are/) - [Who We Serve](https://www.danainvestment.com/who-we-serve/) - [Our Responsibilities](https://www.danainvestment.com/our-responsibilities/) - [Meet The Team](https://www.danainvestment.com/meet-the-team/) - [History](https://www.danainvestment.com/history/) - [Awards](https://www.danainvestment.com/awards/) - Our Services - [Overview](https://www.danainvestment.com/overview/) - [Equity Strategies](https://www.danainvestment.com/strategy-assignment/equity-strategies/) - [Fixed Income Strategies](https://www.danainvestment.com/strategy-assignment/fixed-income-strategies/) - [Wealth Management](https://www.danainvestment.com/strategy-assignment/wealth-management/) - Thought Leadership - [Insights](https://insights.danainvestment.com/blog) - [The Dana Viewpoint](https://www.danainvestment.com/category/the-dana-viewpoint/) - [News & Updates](https://www.danainvestment.com/content-library-category/news-updates/) - [Content Library](https://www.danainvestment.com/content-library-category/content-library/) - [Resources](https://www.danainvestment.com/resources/) - [Contact](https://www.danainvestment.com/contact/) - [Stay Informed](https://www.danainvestment.com/stay-informed/) [![Dana Investment Advisors](https://insights.danainvestment.com/hs-fs/hubfs/raw_assets/public/DanaInvestment_May2023/images/header-logo.png?width=300&height=76&name=header-logo.png "Dana Investment Advisors")](https://www.danainvestment.com/) MENU CLOSE ![](https://insights.danainvestment.com/hubfs/raw_assets/public/DanaInvestment_May2023/images/search-image.png) # Wall Street Pros Unusually Bearish About the Year Ahead Published on Dec 9, 2022, 8:23:29 AM **![2022-12 Dana CotM](https://insights.danainvestment.com/hs-fs/hubfs/2022-12%20Dana%20CotM.png?width=616&height=342&name=2022-12%20Dana%20CotM.png)**   - **2023 could be a tough year for the economy after this year’s difficult stretch for stocks and bonds** - **The forward price-to-earnings ratio on the S&P 500 is considered on the high side by most strategists** - **A dismal outlook from the Wall Street pros could be a bullish contrarian indicator for investors** You can count on so-called “sellside” research to be upbeat about future stock market returns. It’s common to hear from the smartest folks on Wall Street predict the standard 8% to 10% rise in equities looking ahead a year. This time is different. Bloomberg recently reported that for the first time since at least 1999, the consensus strategist forecast shows a *negative* return for the S&P 500 for the coming year. Driving the gloomy outlook is likely a price-to-earnings multiple that is not all that cheap at about 18 times 2023 expected per-share profits on the S&P 500. To be clear, small caps still look attractively valued at under 12 times next year’s earnings. After a more than 15% climb off the October lows, though, S&P 500 valuations might be a bit stretched in the minds of sellside analysts considering a possible economic slowdown in 2023. The good news is that the pros are often wrong, so their bearish collective take could be a bullish contrarian signal for investors. *Source: Bloomberg* Tags: [Chart of the Month](https://insights.danainvestment.com/chart-of-the-month/tag/chart-of-the-month) [Back to Blog](https://insights.danainvestment.com/chart-of-the-month) - [Tweet](https://twitter.com/share) ## Related Articles ## [Are commodity traders signaling that a recession is in the cards?](https://insights.danainvestment.com/chart-of-the-month/october-2022) The Fed issued a widely anticipated 0.75 percentage point rate hike in September Markets reacted... 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