Citi just lowered its S&P 500 price target. Here’s how likely it finds a severe recession, and what it expects from corporate earnings

Strategists at Citi have reduced their year-end S&P 500 target to 4,000 from 4,200, and produced a 2023 target of 3,900. Put another way, they expect a bit of a recovery this year, and a meandering market next year.