8:43AM CIBC's Kumar cuts Dow, S&P and Nasdaq targets, by Julie Rannazzisi
Subodh Kumar, portfolio strategist at CIBC World Markets, lowered his S&P 500 operating earnings target to $53 from $55 while leaving his 2003 target unchanged at $64. The strategist also took the hatchet to his year- end S&P 500 target, lowering it to 1,250 from 1,375, while also slicing his 12- to 18-month target from 1,450 to 1,350. The Dow's year-end target was cut to 10,000 from 11,000 and its 12- to 18-month target from 11,500 to 11,000. Finally, Nasdaq's year-end target was trimmed to 2,200 from 2,500 and its 12- to 18-month target from 3,300 to 3,000. |
