Wall Street's 2022 stock market forecasts were way off. Here's what they see in 2023.

Prediction  

One of them is Michael Darda of MKM Partners, who carefully couched his S&P target comments in a recent note to investors.

"Back in 2020, the S&P 500 bottomed at about 18x five-year forward estimates, which would be about 3300 or so, roughly a 14% fall from where the S&P 500 closed last week," Darda wrote. "Although this is simply a rough starting assumption (it could be worse and also could be better if we are wrong about a recession next year) keep in mind that in the event of a downturn, markets usually bottom out about two-thirds of the way through the recession (or four-to-five months before a recovery begins)."