Price Targets: A Market Compass, Not a GPS

RBC Capital, in a recent note:

As always, we stress that our price target is a signaling mechanism for our views on stock market direction from here through the end of the year in question (2025) that should be viewed as a compass as opposed to a GPS. It is a construct that helps to articulate whether we believe stocks will move higher and why. We do expect to revise our price target throughout the year as new information about the backdrop for stocks becomes available – the exact same way analysts who cover individual companies make adjustments to their price targets as new information emerges.