William Thomas Cain/Getty ImagesFor Raymond James, setting a year-end forecast for the S&P 500 is like gambling. Towards the end of every year, most major Wall Street firms send their clients big outlook notes that include their forecasts of where the S&P 500 would end the following year. These usually range from ultra-bullish calls to the boring consensus views and the occasional bearish price target. And then, a few analysts release targets but then add that the index could rise to a certain level or fall to another — a bull and bear case.

 

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