Tobias Levkovich cuts 2008 targets

Citigroup chief US equity strategist Tobias Levkovich cut his prior forecasts for the S&P 500 to 1550. His earlier target was 1675. Last week he mentioned that he didn't analytical basis for changing his target. I guess the world market turmoil and the past two days action in US markets would have changed his views.
Soon we will hear many other target cuts from other prominent strategists.
Note that a cut in targets for 2008 would be issued if earnings of the companies are expected to decline in 2008.