Stifel's Barry Bannister trims 2020 S&P 500 target, citing rising 'election risk'

Barry Bannister
Source: CNBC

The stock market's upside could be limited moving forward as the 2020 U.S. elections near, according to Stifel's top equity strategist.

Barry Bannister, the firm's head of institutional equity strategy, lowered his S&P 500 target to 3,100 from 3,250. That implies an upside of just over 3% from Thursday's close of 3,002.10. The strategist cited three reasons for the target downgrade, including rising "election risk."