Reported 12 months ago
Marko Kolanovic, JPMorgan Chase's chief market strategist, is departing the bank after 19 years, with Dubravko Lakos-Bujas taking over as the new chief market strategist. Kolanovic's departure follows two years of bearish market calls, with his year-end S&P 500 target of 4,200 being the lowest among major Wall Street banks. His replacement has favored large-cap growth stocks and warned about the S&P 500's vulnerability to a pullback due to its reliance on megacap and momentum names. Kolanovic's exit raises questions about potential revisions to the bank's target amidst differing market outlooks by analysts like Michael Wilson of Morgan Stanley. Kolanovic's bearish views, attributed to concerns about a U.S. recession and inflated earnings expectations, contrast with bullish forecasts from other strategists like Barry Bannister of Stifel.
Source: YAHOO