Citigroup cuts 2008 market targets

I follow Tobias very closely and find his comments very accurate.
His comments for 2008 below:

Citigroup cuts 2008 market targets

Citigroup strategist Tobias Levkovich set a 2008 year-end target for the S&P 500 of 1,675, “below our mid-year 2008 expectation of 1,725, which is consistent with our concerns that corporate margin and political issues could contribute to pull down equity prices in the second half of the year.”
He pegged the Dow Jones Industrial Average at 15,100 at the end of 2008, with mid-year at 15,500, compared with a 2007 yearend forecast of 14,400. “Our most powerful sentiment gauge no longer supports equity market strength by late next year,” he writes.
The S&P 500 finished Friday at 1,484 and the benchmark Dow at 13,442.
“While second-half 2008 trends could be more challenging for stock investors, the near-term potential for gains still seems very high, especially given likely Fed action to add incremental liquidity,” Citigroup says in its strategy focus report.
It is expecting strength in both the financials and consumer discretionary sectors, citing “very low investor expectations and traditional positive reaction to rate cuts.